Aircraft leasing company ASL plans fleet renewal with $200 million Goldman loan

Dublin-based airline ASL Aviation has extended an existing credit facility with Goldman Sachs to $200 million as it plans further growth.

The airline said the additional facility — increased from $125 million — will be used in part for its fleet renewal program.

ASL operates freight services for clients such as Amazon and FedEx. The airline, of which Dave Andrew is CEO, operates about a dozen unbranded aircraft on behalf of Amazon’s Prime Air. It also operates about six Boeing 737s in Prime Air livery.

It has a fleet of 130 aircraft ranging from turboprops to jets.

“This increased facility underscores the financial stability of ASL Group and our plans for continued investment and growth,” said Mark O’Kelly, Chief Financial Officer of ASL Aviation Holdings.

“As before, the facility will be used to partially fund our fleet renewal program, placing aircraft primarily with our European carriers ASL Airlines Ireland, ASL Airlines Belgium and ASL Airlines France,” he added.

In 2019, ASL announced 10 fixed conversion sites and 10 options for converted Boeing 737-800 cargo aircraft. She converted the options into firm orders in 2021.

In March of this year, ASL announced another 10 conversion slots and 10 options.

In May, the Irish company struck a deal with Nasdaq-listed Air Transport Services Group to lease two Airbus A321-200 freighters from the second half of this year, with a third to be delivered to ASL next year. ASL will also receive two A330 widebody freighters in 2024.

ASL announced yesterday that it is now sourcing aircraft for the second phase of its freighter conversion program.

Mr Andrew said Goldman’s expanded facility strengthened ASL’s financial infrastructure and signaled “confidence” in its ongoing fleet renewal program.

“The B737-800 Freighter meets the needs of our customers, which is why we are already the largest operator of the B737-800BCF and the B737-800 Freighter in general,” he said.

ASL was acquired in 2019 by European fund manager Star Capital from Compagnie Maritime Belge and Belgian company 3P Air Freighters.

https://www.independent.ie/business/irish/aircraft-leasing-firm-asl-plots-fleet-renewal-with-200m-goldman-credit-41823393.html Aircraft leasing company ASL plans fleet renewal with $200 million Goldman loan

Fry Electronics Team

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