B&B Air secures $32 million debt facility

Babcock & Brown Air has closed a $32 million debt facility that is secured by $119 million principal amount of its previously repurchased securitization notes, which B&B Air recently purchased for approximately $58 million. The loan has a final maturity date of August 2012. As of June 16, 2009, after receipt of net loan proceeds, B&B Air’s unrestricted cash balance was approximately $64.5 million.