GIANT PILOT

Press ReleaseSource: Atlas Air Worldwide Holdings, Inc.

Atlas Air Worldwide Holdings Subsidiary Closes Initial PDP Financing for New State-of-the-Art Boeing 747-8 Freighters
Monday February 4, 9:04 am ET $270 Million Facility; Available for Pre-Delivery Deposits on First Five of 12 Next-Generation, Wide-Body Freighter Aircraft Scheduled for Delivery in 2010 and 2011

PURCHASE, N.Y.--(BUSINESS WIRE)--Atlas Air Worldwide Holdings, Inc. (AAWW) (Nasdaq: AAWW - News), a leading provider of global air cargo services, today announced that its subsidiary, Atlas Air, Inc. (Atlas), has closed on a $270 million financing facility in connection with pre-delivery deposit payments (PDPs) on five next-generation Boeing 747-8 wide-body freighters scheduled for delivery to the Company between February and July 2010.


Required PDPs on the five aircraft, including amounts already paid, total $311 million, with $202 million scheduled to be paid in 2008. The latter figure represents more than 80% of Atlas’ total 2008 PDP requirements on its firm order for 12 747-8F aircraft. Principal amounts outstanding under the PDP facility are to be repaid in tranches upon delivery of each aircraft to Atlas.

Six 747-8Fs are scheduled to be delivered to Atlas in 2010, with six additional deliveries scheduled in 2011. The 747-8 Freighter will represent the largest and most efficient heavy freighter in the market, providing the lowest ton-mile cost of any freighter alternative. The 12 freighter aircraft, along with options and rights to acquire up to an additional 14, anchor a fleet strategy that focuses on the Company’s customers and reinforces AAWW’s position as the most advanced, most efficient, and most reliable provider of leased freighter aircraft and outsourced air cargo services and solutions.

“We are very pleased to achieve PDP financing for our first 747-8s that complements our launch-customer pricing on the aircraft,” said William J. Flynn, AAWW’s President and Chief Executive Officer. “The financing community has been very receptive to both the Company and the asset. The -8s will represent the most fuel-efficient and cost-effective heavy freighter alternative in the market.”

He added: “In addition to the inherent economic and operating advantages of the -8s, the aircraft financing community also recognizes the relative scarcity value the -8s will have when they enter operation and our first-mover advantage as the only outsource provider with -8s on order. Furthermore, our strong operating performance, balance sheet, and prospects for growth – combined with our premier international customer list and our long-term contractual relationships – leverage the attractiveness of the asset.”

Norddeutsche Landesbank Girozentrale, a leading aircraft financier, underwrote the PDP facility and will serve as the lead bank and facility agent. Funds drawn under the facility will bear interest at Libor plus a margin.
According to Boeing generic assumptions, the 747-8 Freighter is capable of flying a maximum structural payload capacity of 140 metric tons (154 short tons) while offering 16 percent more revenue cargo volume and equivalent range when compared to than the 747-400F. The 747-8 Freighter upholds its predecessor’s legendary efficiency with equivalent trip costs and 16 percent lower ton-mile costs than the 747-400F. The 747-8 Freighter will enjoy the lowest ton-mile costs of any freighter, giving operators unmatched profit potential.

Whaledriver101

Big woooooop

CloudSailor

What base is Atlas hiring into?
What are the schedules like?
A friend, who was there for a year, told me he was typically on the road for 3 weeks, then home for 10 days. Would spend 3-5 days in hotels all over the world. Is this true for schedules?
Thanks for the info.

JetPiedmont

Yes. I have some ACMI experience, and that is pretty much the norm these days. It used to be better, more like 50/50 (week on week off, etc), but as the major airlines have decimated the QOL of the pilots there the second and third tier operators have been able to put the squeeze on their pilots as the bar has been lowered.

Even the FedEx guys are howling about their QOL now, and the UPS guys are getting run pretty hard as well. They get huge paychecks for overtime, however.

If you want to do better, I've heard Southern Air is going to more effecient schedules w/more days off (closer to 50/50) starting this month, and they are hiring which UPS and FedEx are not. It's not the quality operation of a UPS, you'll deal w/plenty of headaches, etc but get some time in there if you need it (quick upgrades right now) and go to the "big show" later.

Like most small outfits they like internal recs, so hit some guys up on these type forums for some help if you need it.

Twin Wasp

Talked with an Atlas Captain at the job fair at DFW last month. Junior base is Stansted, London. Seventeen-eighteen day lines with travel the day before and day after. Being junior, you could get lines back to back so it could be 40 days before you see home.

carl p

I've got family over there, and they can be gone for some long stretches.

MaxEPR

Very true...my last trip before resigning was 21 days on ,3 days off leading in to an additional 17 on. I was Jr however based out of STN. It was fun for awhile but a very tough life for a happily married guy.

Whaledriver101

3 weeks on and 1 week off !!!!! And they actually find guys to do that???

JerrySpringer

The "other" company is also hiring. You're not out as long.

Polarfr8dog

Interviews that were done on the 30th of January were to fill positions on the 400 based out of Stanstead. This information is from a guy that I personally recommended.

Do a search on this site for Polar or Atlas. There is plenty of information out there.