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AAWW - Atlas Air Worldwide Holdings Inc News Story

$74.08 1.0  1.4%

Last Trade - 14/05/21

Mid Cap
Market Cap £1.52bn
Enterprise Value £2.66bn
Revenue £2.43bn
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Atlas Air Worldwide and Titan Aviation Holdings Announce Financing Facilities with CDPQ, BNP Paribas, and volofin

Thu 5th November, 2020 2:00pm
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PURCHASE, N.Y., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Atlas Air Worldwide
Holdings, Inc. (Nasdaq: AAWW) today announced that Titan Aircraft Investments
Ltd., a joint venture of its Titan Aviation Holdings, Inc. subsidiary 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 joint lead
arrangers and lenders. Titan Aircraft Investments has also separately entered
into a US$200 million bridge financing agreement with volofin Capital
Management being the sole lender and arranger.

The warehouse facility will provide debt capital to finance the acquisition of
freighter aircraft leases by Titan Aircraft Investments and the bridge
facility will provide debt capital to finance the conversion of passenger
aircraft into freighter configuration.

“We are excited to partner with CDPQ, BNP Paribas, and volofin on these key
financing facilities,” said Michael T. Steen, President and Chief Executive
Officer of Titan Aviation Holdings and Executive Vice President and Chief
Commercial Officer of Atlas Air Worldwide. “These facilities will enable
Titan Aircraft Investments to serve the strong market demand for freighters
and airfreight capacity, supported by the rapid expansion of express and
e-commerce networks worldwide.” 

“By partnering with best-in-class air cargo solutions provider, Titan
Aviation, as well as leading aviation lender, BNP Paribas, and investor, Bain
Capital Credit, we have the opportunity to leverage our deep knowledge of the
evolving transportation and global ecommerce sectors with our capacity to
craft innovative financing structures,” said Martin Laguerre, Managing
Director, Capital Solutions, CDPQ. “This investment is well aligned with our
Capital Solutions strategy to create tailored solutions backed by high-quality
assets in great demand by strong counterparties, such as global freight
aircraft lessors, and to achieve attractive risk-adjusted returns.”

“It has been great to work with the Atlas and Titan teams on this
project,” added Stewart Tanner, Senior Managing Director, volofin Capital
Management. “volofin has used its extensive market knowledge and experience
to create a bespoke and innovative structure to allow Titan the flexibility it
needs within the bridge facility to both acquire and convert in-demand

Titan Aviation Holdings and Bain Capital Credit formed the joint venture in
December 2019 to develop a diversified freighter aircraft leasing portfolio
with an anticipated value of approximately US$1 billion. The long-term joint
venture aims to capitalize on demand for cargo aircraft, underpinned by robust
e-commerce and express market growth. Under the joint venture, Bain and Titan
have committed to collectively provide US$400 million of equity capital to
acquire aircraft over the next several years, which may be supplemented with
additional commitments over time. Titan is also providing aircraft- and
lease-management services to the venture.

The air cargo industry plays a very important role in the global economy,
fueled by accelerated demand for e-commerce and express services. Titan
Aircraft Investments is well-positioned to contribute to the growth of the
global freighter fleet.

About Titan Aviation Holdings, Ltd. and Atlas Air Worldwide

Titan Aviation Holdings is a freighter-centric leasing company that provides
dry leasing solutions to airlines worldwide. Titan’s fleet of cargo aircraft
support customers including international flag carriers, express operators,
e-commerce providers, and regional and domestic carriers. Titan’s deep
airfreight domain expertise and innovative asset management solutions help
customers quickly ramp up their aviation operations while minimizing capital
investment. Since its inception in 2009, Titan has grown to become the third
largest freighter lessor globally by fleet value with 30 aircraft and book
value of over $1.4 billion.

Atlas Air Worldwide is a leading global provider of outsourced aircraft and
aviation operating 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 world’s largest fleet of 747 freighter aircraft and provide customers
the broadest array of Boeing 747, 777, 767 and 737 aircraft for domestic,
regional and international cargo and passenger operations.

Atlas Air Worldwide’s press releases, SEC filings and other information may
be accessed through the company’s home page,

About Bain Capital Credit

Bain Capital Credit is a leading global credit specialist with approximately
$41 billion in assets under management. Bain Capital Credit invests up and
down the capital structure and across the spectrum of credit strategies,
including leveraged loans, high-yield bonds, distressed debt, private lending,
structured products, non-performing loans and equities.

About Caisse de dépôt et placement du Québec (CDPQ)

Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional
investor that manages funds primarily for public and parapublic pension and
insurance plans. As at June 30, 2020, it held CA$333.0 billion in net assets.
As one of Canada's leading institutional fund managers, CDPQ invests globally
in major financial markets, private equity, infrastructure, real estate and
private debt. For more information, visit
follow us on Twitter @LaCDPQ or consult our Facebook
or LinkedIn

About BNP Paribas

BNP Paribas is a leading bank in Europe with an international reach. It has a
presence in 71 countries, with approximately 199,000 employees, of which more
than 151,000 in Europe. The Group has 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: corporate clients and institutional investors. The Group helps all
its clients (individuals, community associations, entrepreneurs, SMEs,
corporates and institutional clients) to realise their projects through
solutions spanning financing, investment, savings and protection insurance.

In Europe, the Group has four domestic markets (Belgium, France, Italy and
Luxembourg) and BNP Paribas Personal Finance is the European leader in
consumer lending.

BNP Paribas is rolling out its integrated retail-banking model in
Mediterranean countries, in Turkey, in Eastern Europe and a large network in
the western part of the United States. In its Corporate & Institutional
Banking and International Financial Services activities, BNP Paribas also
enjoys top positions in Europe, a strong presence in the Americas as well as a
solid and fast-growing business in Asia-Pacific.

About volofin Capital Management

volofin Capital Management is a finance company focused on delivering reliable
and innovative financing solutions for the commercial aviation market. Formed
in January 2019, it has grown quickly to support the needs of both airlines
and lessors throughout the industry, is headquartered in London and its 17
staff are split between offices in London and New York.

Investors - Eric Camadeco, +1 914-701-8926, 
Media - Debbie Coffey, +1 917-701- 8951,
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