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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Amended
Credit Facility No. 2
On February 28, 2006, we entered into a $500.0 million
revolving credit facility with a group of banks to finance the
acquisition of aircraft and related improvements which we refer
to as Credit Facility No. 2. Borrowings under this credit
facility accrued interest generally on the basis of the EDR plus
1.25%. Additionally, we paid a 0.125% fee on any unused portion
of the total committed facility. On December 15, 2006,
Credit Facility No. 2 was amended to, among other things,
extend the maturity to December 15, 2008, which we refer to
as the Amended Credit Facility No. 2.
On March 20, 2008, the parties to Amended Credit Facility
No. 2 entered into an amendment that reduced the
commitments of the lenders to make loans thereunder to
$500.0 million, on any future date after which the loans
outstanding under Amended Credit Facility No. 2 fell below
$500.0 million. In connection with the reduced commitments
of the lenders under Amended Credit Facility No. 2, during
the second quarter of 2008 we wrote off $0.6 million of
debt issuance costs, which is reflected in interest expense on
the consolidated statement of income.
On December 11, 2008, we repaid the remaining balance of
$36.7 million and Amended Credit Facility No. 2
matured on December 15, 2008.
Amended Credit Facility No. 2 On February 28, 2006, we entered into a $500.0 million revolving credit facility with a group of banks to finance the acquisition of aircraft and related improvements which we refer to as Credit Facility No. 2. Borrowings under this credit facility accrued interest generally on the basis of the EDR plus 1.25%. Additionally, we paid a 0.125% fee on any unused portion of the total committed facility. On December 15, 2006, Credit Facility No. 2 was amended to, among other things, extend the maturity to December 15, 2008, which we refer to as the Amended Credit Facility No. 2. On March 20, 2008, the parties to Amended Credit Facility No. 2 entered into an amendment that reduced the commitments of the lenders to make loans thereunder to $500.0 million, on any future date after which the loans outstanding under Amended Credit Facility No. 2 fell below $500.0 million. In connection with the reduced commitments of the lenders under Amended Credit Facility No. 2, during the second quarter of 2008 we wrote off $0.6 million of debt issuance costs, which is reflected in interest expense on the consolidated statement of income. On December 11, 2008, we repaid the remaining balance of $36.7 million and Amended Credit Facility No. 2 matured on December 15, 2008. Amended
Credit Facility No. 2
On February 28, 2006, we entered into a $500,000 revolving
credit facility with a group of banks to finance the acquisition
of aircraft and related improvements which we refer to as Credit
Facility No. 2. Borrowings under this credit facility
accrued interest generally on the basis of the EDR plus 1.25%.
Additionally, we paid a 0.125% fee on any unused portion of the
total committed facility. On December 15, 2006, Credit
Facility No. 2 was amended to, among other things, extend
the maturity to December 15, 2008 (“Amended Credit
Facility No. 2”).
On March 20, 2008, the parties to Amended Credit Facility
No. 2 entered into an amendment that reduced the
commitments of the lenders to make loans thereunder to $500,000,
on any future date after which the loans outstanding under
Amended Credit Facility No. 2 fell below $500,000. In
connection with the reduced commitments of the lenders under
Amended Credit Facility No. 2, during the second quarter of
2008 we wrote off $553 of debt issuance costs, which is
reflected in interest expense on the consolidated statement of
income.
Table of Contents
Aircastle
Limited and Subsidiaries
Notes to Consolidated Financial Statements (Dollars in thousands, except per share amounts)
On December 11, 2008, we repaid the remaining balance of
$36,661 and Amended Credit Facility No. 2 matured on
December 15, 2008.
Amended Credit Facility No. 2 On February 28, 2006, we entered into a $500,000 revolving credit facility with a group of banks to finance the acquisition of aircraft and related improvements which we refer to as Credit Facility No. 2. Borrowings under this credit facility accrued interest generally on the basis of the EDR plus 1.25%. Additionally, we paid a 0.125% fee on any unused portion of the total committed facility. On December 15, 2006, Credit Facility No. 2 was amended to, among other things, extend the maturity to December 15, 2008 (“Amended Credit Facility No. 2”). On March 20, 2008, the parties to Amended Credit Facility No. 2 entered into an amendment that reduced the commitments of the lenders to make loans thereunder to $500,000, on any future date after which the loans outstanding under Amended Credit Facility No. 2 fell below $500,000. In connection with the reduced commitments of the lenders under Amended Credit Facility No. 2, during the second quarter of 2008 we wrote off $553 of debt issuance costs, which is reflected in interest expense on the consolidated statement of income.
Table of ContentsAircastle Limited and Subsidiaries Notes to Consolidated Financial Statements (Dollars in thousands, except per share amounts) On December 11, 2008, we repaid the remaining balance of $36,661 and Amended Credit Facility No. 2 matured on December 15, 2008. This excerpt taken from the AYR 10-Q filed Nov 17, 2008. Amended
Credit Facility No. 2
On March 20, 2008, the parties to Amended Credit Facility
No. 2 entered into an amendment that reduced the
commitments of the lenders to make loans thereunder from
$1,000,000 to $500,000, on any future date after which the loans
outstanding under Amended Credit Facility No. 2 fall below
$500,000. (See Note 15 – Subsequent Events.)
In June 2008, we refinanced and transferred 26 aircraft from
Amended Credit Facility No. 2 into Term Financing
No. 1 and in September, we refinanced and transferred seven
aircraft from Amended Credit Facility No. 2 into Term
Financing No. 2. At September 30, 2008, we had
borrowings of $113,331 related to four aircraft under our
Amended Credit Facility No. 2. The interest rate, including
margin, applicable to loans under Amended Credit Facility
No. 2 at September 30, 2008 was 3.74%. We expect to
repay Amended Credit Facility No. 2 before its current
maturity of December 15, 2008. In connection with the
reduced commitments of the lenders under Amended Credit Facility
No. 2, during the second quarter of 2008 we wrote off $553
of debt issuance costs which is reflected in interest expense on
the consolidated statement of income.
This excerpt taken from the AYR 10-Q filed Aug 8, 2008. Amended
Credit Facility No. 2
On March 20, 2008, the parties to Amended Credit Facility
No. 2 entered into an amendment that reduced the
commitments of the lenders to make loans thereunder from
$1,000,000 to $500,000, on any future date after which the loans
outstanding under Amended Credit Facility No. 2 fall below
$500,000.
In June 2008, we refinanced and transferred 26 aircraft from
Amended Credit Facility No. 2 into Term Financing
No. 1. At June 30, 2008, we had borrowings of $255,189
related to 11 aircraft under our Amended Credit Facility
No. 2. The interest rate, including margin, applicable to
loans under the Amended Credit Facility No. 2 at
June 30, 2008 was 3.73%. We expect to extend, modify or
replace Amended Credit Facility No. 2 before its current
maturity of December 15, 2008. In connection with the
reduced commitments of the lenders under Amended Credit Facility
No. 2, during the second quarter of 2008 we wrote off $553
of debt issuance costs which is reflected in interest expense on
the consolidated statement of income.
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