This excerpt taken from the AYR 8-K filed Aug 13, 2007.
Investments in Aviation Assets
As of June 30, 2007 Aircastle owned aviation assets having an aggregate purchase price of $2.9 billion, including 100 aircraft, all of which are on lease. In addition, the Company had outstanding commitments to acquire an additional $2.4 billion in aviation assets, which combined with its owned portfolio, would aggregate to $5.3 billion, including 140 aircraft.
During the second quarter, Aircastle acquired 23 aircraft for approximately $693.1 million, bringing the total for the first half of 2007 to 32 aircraft for approximately $1.15 billion. Of the aircraft acquired during the first half of 2007, 24 aircraft representing $780.4 million were part of the $1.595 billion, 38 aircraft portfolio acquisition announced in January 2007. As of June 30, 2007, we expect to acquire 15 additional aircraft for approximately $672.6 million during the balance of 2007. We have $633.2 million of aircraft funding obligations for 2008 and $1.06 billion in funding commitments in 2009 through 2011.
On June 20, 2007, Aircastle entered into an acquisition agreement as a launch customer with Airbus SAS (Airbus) to acquire 15 new Airbus Model A330-200F freighter aircraft with deliveries in 2010 and 2011. The A330-200F is a new freighter variant of the A330 passenger aircraft, and we believe that it will be the most modern and operationally efficient aircraft in its size class.
Joe Adams, Deputy Chairman of Aircastle, commented, We are very pleased with the strong financial performance of our business since last years IPO which is reflected in the growth of our dividend by 71%. We have closed approximately $1.7 billion of aircraft acquisitions since August 2006. In June, we financed fifty-nine aircraft in a $1.2 billion securitization at an attractive all-in cost of 6.20%. Through the management of our existing fleet and continued accretive acquisitions, we are well positioned to realize substantial growth in earnings and dividends.
Aircastles CEO, Ron Wainshal, added, In addition to our considerable investment and capital markets accomplishments, were continuing to capitalize on the strength in global demand for
high utility leased aircraft through our placement efforts. We have new lease commitments on attractive terms for all of our owned aircraft with 2007 lease expiries, and have made significant progress on our 2008 re-lease requirements.