Cargolux Airlines International S.A. (“Cargolux “) and Pegasus Aviation Finance Company (“Pegasus”) announced today that the parties closed a sale-lease back transaction covering two 747-400F’s, vintage 1997 and 1999, respectively.
Pegasus acts as equity investor and controls the owner/lessor of the aircraft. Holland & Knight and Arendt&Medernach represented Cargolux. White and Case represented Pegasus. The debt financing was provided by Sachsen LB, HSH Nordbank and Nord LB. The banks were represented by Milbank Tweed and Linklaters Loesch. The Transportation Group acted as arranger.
Comments David Arendt, EVP&CFO of Cargolux : “This transaction was made in the context of the Company’s recent decision to refleet and – pending successful conclusion of negotiations with Boeing – acquisition of 747- advanced freighters as from 2009. We are pleased to have partnered with Pegasus in structuring a complex transaction on a timely basis.”
Says Scott Weiss, Senior VP Capital Markets of Pegasus: “We are delighted to have been able to meet Cargolux’s stringent requirements and transact with a first class air freight operator in Cargolux. We hope that this first successful transaction will be followed by others between Cargolux and Pegasus.”
Both parties praised the professionalism and dedication of the banks involved in the deal. “They were able to deliver under a tight schedule”.
Cargolux, based in Luxembourg, is Europe’s largest all cargo airline, operating a modern fleet of 13 B747-400 freighters on a worldwide network. Pegasus, based in San Francisco, is the world’s fourth largest commercial aircraft lessor with a fleet of over 250 Boeing and Airbus aircraft.
Source: Pegasus Aviation Finance Company |
