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These excerpts taken from the AYR 10-K filed Mar 2, 2009. LIQUIDITY
AND CAPITAL RESOURCES
We have been able to meet our liquidity and capital resource
requirements by utilizing several sources, including:
Table of Contents
During the year ended December 31, 2008, we acquired
commercial jet aircraft and made capital improvements to our
aircraft portfolio totaling $264.6 million. We expect to
fund approximately $137.0 million of purchase obligations
for aircraft pre-delivery and conversion payments during the
next twelve months. In addition, at December 31, 2008, we
expect capital expenditures and lessee maintenance payment draws
on our owned and committed aircraft portfolio to be
approximately $105.0 million to $115.0 million,
excluding freighter conversion payments (see Purchase
Obligations in “Contractual Obligations” below), and
we expect maintenance payment collections from lessees on our
owned aircraft portfolio of approximately equal to the expected
expenditures and draws over the next twelve months. There can be
no assurance that the capital expenditures, our contributions to
maintenance events and lessee maintenance payment draws
described above will not be greater than expected or that our
expected maintenance payment collections or disbursements will
equal our current estimates.
We believe that cash on hand and funds generated from operations
will be sufficient to satisfy our liquidity needs, including our
pre-delivery payments, required debt amortization, expected
capital expenditures and lessor contributions over the next
twelve months. In addition, potential asset sales and an
anticipated future financing facility to fund a portion of the
Airbus pre-delivery payments may provide additional sources of
liquidity over that time frame. We repaid the outstanding amount
on our Amended Credit Facility No. 2 (as defined below)
before its December 2008 expiration. Further, we let our
Revolving Credit Facility (as defined below) expire, and have no
current plans to replace this facility.
LIQUIDITY AND CAPITAL RESOURCES We have been able to meet our liquidity and capital resource requirements by utilizing several sources, including:
Table of Contents
During the year ended December 31, 2008, we acquired commercial jet aircraft and made capital improvements to our aircraft portfolio totaling $264.6 million. We expect to fund approximately $137.0 million of purchase obligations for aircraft pre-delivery and conversion payments during the next twelve months. In addition, at December 31, 2008, we expect capital expenditures and lessee maintenance payment draws on our owned and committed aircraft portfolio to be approximately $105.0 million to $115.0 million, excluding freighter conversion payments (see Purchase Obligations in “Contractual Obligations” below), and we expect maintenance payment collections from lessees on our owned aircraft portfolio of approximately equal to the expected expenditures and draws over the next twelve months. There can be no assurance that the capital expenditures, our contributions to maintenance events and lessee maintenance payment draws described above will not be greater than expected or that our expected maintenance payment collections or disbursements will equal our current estimates. We believe that cash on hand and funds generated from operations will be sufficient to satisfy our liquidity needs, including our pre-delivery payments, required debt amortization, expected capital expenditures and lessor contributions over the next twelve months. In addition, potential asset sales and an anticipated future financing facility to fund a portion of the Airbus pre-delivery payments may provide additional sources of liquidity over that time frame. We repaid the outstanding amount on our Amended Credit Facility No. 2 (as defined below) before its December 2008 expiration. Further, we let our Revolving Credit Facility (as defined below) expire, and have no current plans to replace this facility. This excerpt taken from the AYR 10-Q filed Nov 17, 2008. LIQUIDITY
AND CAPITAL RESOURCES
We have been able to meet our liquidity and capital resource
requirements by utilizing several sources, including:
During the nine months ended September 30, 2008, we
acquired commercial jet aircraft and made capital improvements
to our aircraft portfolio totaling $229.7 million. We
expect to fund approximately $86.8 million of purchase
obligations for aircraft pre-delivery and conversion payments
during the next twelve months. In addition, at
September 30, 2008, we expect capital expenditures and
lessee maintenance payment draws on our owned and committed
aircraft portfolio to be approximately $129.0 million,
excluding freighter conversion payments (see Purchase
Obligations in “Contractual Obligations” below) and we
expect maintenance payment collections from lessees on our owned
aircraft portfolio of approximately $136.0 million over the
next twelve months. In addition, there can be no assurance that
the capital expenditures and lessee maintenance payment draws
described above will not be greater than expected or that our
expected maintenance payment collections or disbursements will
equal our current estimates.
We believe that cash on hand, funds generated from operations,
planned asset sales, and an expected financing facility to fund
a portion of the Airbus pre-delivery payments, will be
sufficient to satisfy our liquidity needs over the next twelve
months. We currently expect to repay the outstanding amount on
our Amended Credit Facility No. 2 before its December 2008
expiry. Further, we intend to let our Revolving Credit Facility
expire as well, and have no current plans to replace this
facility.
This excerpt taken from the AYR 10-Q filed Aug 8, 2008. LIQUIDITY
AND CAPITAL RESOURCES
We have been able to meet our liquidity and capital resource
requirements by utilizing several sources, including:
During the six months ended June 30, 2008, we acquired
commercial jet aircraft and made capital improvements to our
aircraft portfolio totaling $221.3 million. We expect to
fund approximately $175.2 million of purchase obligations
for aircraft pre-delivery and conversion payments during the
next twelve months. In addition, at June 30, 2008, we
expect capital expenditures and lessee maintenance payment draws
on our owned and committed aircraft portfolio to be
approximately $129.9 million, excluding freighter
conversion payments (see Purchase Obligations in
“Contractual Obligations” below) and we expect
maintenance payment collections from lessees on our owned
aircraft portfolio of approximately $120.1 million over the
next twelve months. There can be no assurance that we will be
able to acquire the additional aircraft described above, and no
assurance regarding the time and amount of such acquisition. In
addition, there can be no assurance that the capital
expenditures described above will not be greater than expected
or that our expected maintenance payment collections will equal
our current estimates.
We believe that funds available from operations and our credit
facilities, including Term Financing No. 1 and future
extensions, replacements and re-financings of our existing
credit facilities, will be sufficient to satisfy our liquidity
needs over the next twelve months and enable us to pay dividends
to our common shareholders.
This excerpt taken from the AYR 8-K filed Sep 26, 2007. LIQUIDITY AND CAPITAL RESOURCES The acquisition of aircraft and debt securities drives our growth and fuels our need for liquidity. We have been able to meet our liquidity requirements from several sources, including:
During the year ended December 31, 2006, we acquired $882.9 million of commercial jet aircraft and related capital improvements and $92.7 million of debt securities secured by commercial jet aircraft, for a total of $976.6 million. We expect to acquire a substantial amount of aviation assets over the next twelve months, including approximately $1.0 billion of aircraft to be delivered under the Acquisition Agreement, approximately $211.4 million that were subject to letters of intent at December 31, 2006 and additional
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acquisitions that we may enter into from time to time in the ordinary course of business. In addition, at December 31, 2006, we expect capital expenditures and lessee maintenance payment draws on our owned and committed aircraft portfolio to be approximately $22.6 million over the next twelve months. However, there can be no assurance that we will be able to acquire such additional aircraft, or regarding the timing and amount of such acquisitions, or that such capital expenditures will not exceed the expected amount. It is our intention to fund future aircraft acquisitions, including the aircraft to be acquired from GAIF under the Acquisition Agreement, initially through borrowings under our credit facilities, and to repay all or a portion of such borrowings from time to time with the net proceeds from subsequent securitizations and additional equity issuances. It is also our intention to finance investments in debt securities with borrowings arranged at the time of the investment which may include entering into repurchase agreements. Therefore, our ability to execute our business strategy, particularly the growth of our acquisitions, depends to a significant degree on our ability to obtain additional debt and equity capital. Given the volume of aircraft acquisitions and opportunities to invest in debt securities, we expect to execute additional securitizations and may seek to execute additional equity offerings during the course of the next 12 months. Decisions by investors and lenders to enter into such transactions with us will depend upon a number of factors, such as our historical and projected performance, compliance with the terms of our current credit arrangements, industry and market trends, the availability of capital and the relative attractiveness of alternative investments. We believe that funds will be available to satisfy our liquidity needs over the next twelve months and enable us to pay dividends to our common shareholders as contemplated by our dividend policy. However, future deterioration in our performance or our markets could limit our ability to access these sources of financing and/or increase our cost of capital, which may negatively impact our ability to raise additional funds, grow our business and to pay dividends to our common shareholders. | EXCERPTS ON THIS PAGE:
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