Babcock & Brown Air Limited has agreed to repurchase $100 million principal amount of its securitization notes for $48 million in a privately negotiated transaction. The transaction will be funded from the Company’s available cash. B&B Air recently reported its 2008 financial results, which showed that in its first full year as a listed company it increased its unrestricted cash to $56.8 million at December 31, 2008, after returning $73.7 million to shareholders through dividends and share repurchases. The company continues to generate strong cash flows from its portfolio of modern, fuel efficient aircraft, leased to 36 airlines in 19 countries. At the end of February 2009, before the debt repurchase transaction was completed, the Company’s unrestricted cash was $72 million.
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Tamar Jorssen
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[email protected]
Mailing Address
AviTrader Publications Corp.
Suite 305, South Tower
5811 Cooney Road
Richmond, BC V6X 3M1
Canada