PURCHASE, NY, Nov 05, 2020 (GLOBE NEWSWIRE) – Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW) today announced that Titan Aircraft Investments Ltd., a joint venture of its subsidiary Titan Aviation Holdings, Inc. and Bain Capital Credit, has entered into a US $ 300 million warehouse financing agreement with a subsidiary of Caisse de dépôt et placement du Québec (CDPQ), a global institutional investor, and BNP Paribas as co-arrangers and lenders. Titan Aircraft Investments also separately entered into a US $ 200 million bridge financing agreement with volofin Capital Management as sole lender and arranger.
The warehouse facility will provide debt capital to finance the acquisition of cargo aircraft leases by Titan Aircraft Investments and the bridging facility will provide debt capital to finance the conversion of passenger aircraft into cargo configuration.
“We are delighted to partner with CDPQ, BNP Paribas and volofin on these key financing facilities,” said Michael T. Steen, President and CEO of Titan Aviation Holdings and Executive Vice President and CEO Atlas Air Worldwide sales representative. “These facilities will enable Titan Aircraft Investments to meet the strong market demand for cargo and air cargo capacity, supported by the rapid expansion of express and e-commerce networks around the world. ”
“By partnering with the best air cargo solutions provider, Titan Aviation, as well as the leading aerospace lender, BNP Paribas, and investor, Bain Capital Credit, we have the opportunity to leverage our in-depth knowledge of the evolution of transport and global electronic commerce. sectors with our ability to shape innovative financing structures, ”said Martin Laguerre, Managing Director, Capital Solutions, CDPQ. “This investment is well aligned with our Capital Solutions strategy to create bespoke solutions backed by high quality assets in high demand by strong counterparties, such as global freight aircraft lessors, and to achieve market-adjusted returns. attractive risk. “
“It has been great working with the Atlas and Titan teams on this project,” added Stewart Tanner, Senior Managing Director of volofin Capital Management. “Volofin has used its in-depth market knowledge and experience to create a bespoke and innovative structure to allow Titan the flexibility it needs within the gateway to acquire and convert aircraft in demand. “
Titan Aviation Holdings and Bain Capital Credit formed the joint venture in December 2019 to develop a diverse portfolio of cargo aircraft leasing valued at approximately US $ 1 billion. The long-term joint venture aims to capitalize on demand for cargo aircraft, supported by robust e-commerce and growth in the express market. As part of the joint venture, Bain and Titan have committed to collectively provide US $ 400 million of equity to acquire aircraft over the next several years, which may be supplemented by additional commitments over time. Titan also provides aircraft management and rental services to the company.
The air cargo industry plays a very important role in the global economy, fueled by an accelerated demand for e-commerce and express services. Titan Aircraft Investments is well positioned to contribute to the growth of the global cargo fleet.
About Titan Aviation Holdings, Ltd. and Atlas Air Worldwide
Titan Aviation Holdings is a cargo-centric rental company providing dry rental solutions to airlines around the world. Titan’s cargo aircraft fleet supports customers including national carriers, express operators, e-commerce providers, and regional and national carriers. Titan’s deep air cargo expertise and innovative asset management solutions help customers quickly accelerate their aviation operations while minimizing capital investments. Since its inception in 2009, Titan has grown to become the world’s third largest cargo lessor in terms of fleet value with 30 aircraft and a book value of over $ 1.4 billion.
Atlas Air Worldwide is one of the world’s leading providers of outsourced aircraft and aviation operations services. It is the parent company of Atlas Air, Inc., Southern Air Holdings, Inc. and Titan Aviation Holdings, Inc., and is the majority shareholder of Polar Air Cargo Worldwide, Inc. Our companies operate the largest fleet in world of 747 cargo planes. and providing customers with the widest range of Boeing 747, 777, 767 and 737 aircraft for domestic, regional and international cargo and passenger operations.
Atlas Air Worldwide press releases, SEC filings, and other information can be accessed through the company’s home page, www.atlasairworldwide.com.
About Bain Capital Credit
Bain Capital Credit is a global credit specialist with approximately $ 41 billion in assets under management. Bain Capital Credit invests top to bottom in capital structure and across the spectrum of credit strategies including leveraged loans, high yield bonds, distressed debt, private loans, structured products , non-performing loans and stocks.
About the Caisse de dépôt et placement du Québec (CDPQ)
The Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds mainly for public and parapublic pension and insurance plans. As at June 30, 2020, it had net assets of C $ 333.0 billion. As one of the leading institutional fund managers in Canada, la Caisse invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information visit cdpq.com, Follow us on twitter @LaCDPQ or consult our Facebook Where LinkedIn pages.
About BNP Paribas
BNP Paribas is a leading bank in Europe with international influence. It is present in 71 countries, with around 199,000 employees, including more than 151,000 in Europe. The Group occupies key positions in its three main activities: Domestic Markets and International Financial Services (whose retail banking networks and financial services are covered by Retail Banking & Services) and Corporate & Institutional Banking, which serves two client franchises: businesses and institutions. investors. The Group helps all of its clients (individuals, associations, entrepreneurs, SMEs, companies and institutions) to realize their projects through financing, investment, savings and provident solutions.
In Europe, the Group has four domestic markets (Belgium, France, Italy and Luxembourg) and BNP Paribas Personal Finance is the European leader in consumer credit.
BNP Paribas is deploying its integrated retail banking model in Mediterranean countries, Turkey, Eastern Europe and a large network in the western United States. In its Corporate & Institutional Banking and International Financial Services activities, BNP Paribas also benefits from leading positions in Europe, a strong presence in the Americas as well as a solid and growing activity in Asia-Pacific.
About volofin Capital Management
volofin Capital Management is a financial company focused on providing reliable and innovative financing solutions for the commercial aviation market. Formed in January 2019, it has grown rapidly to meet the needs of airlines and lessors across the industry, is headquartered in London and has 17 employees across the London and New York offices.