On October 1, Rolls-Royce Holdings (Rolls-Royce) announced its intention to raise at least £1 billion through a bond offering as part of its strategy to raise £5 billion in a recapitalization package to support its long-term strategy. However, unanticipated strong demand for the investor Notes has seen the company double the size of the offering,
Fly Leasing (FLY), a global leader in aircraft leasing, has closed a new US$180 million term loan (the 2020 Term Loan). The interest rate on the five-year term loan is LIBOR plus 6.00% with a 1.00% LIBOR floor. The financing was issued at an original issue discount of 4.5%. The 2020 Term Loan will be
Delta Air Lines has posted financial results for the September quarter 2020. Delta’s adjusted operating revenue of US$2.6 billion for the September quarter was down 79% versus the September 2019 quarter, as demand for air travel remains under significant pressure. Passenger revenues declined 83% on 63% lower capacity. Non-ticket revenue streams have performed relatively better
Valdis Dombrovskis, the new EU trade chief has warned the U.S that it needs to withdraw its US$7 billion tariffs it has recently placed on EU products or it will have to deal with a retaliatory US$4 billion in tariffs on exports to Europe. For 16 years there has been a dispute between Europe’s Airbus
easyJet’s CEO Johan Lundgren has openly turned to the U.K. government to provide a tailor-made package to help the airline industry recover from the catastrophic effects of the COVID-19 pandemic on air travel. The low-cost carrier is set to post its first-ever operating loss and is on target to lose between £815 million and £845
KLM Royal Dutch Airlines (KLM) has submitted its critical restructuring plan to the Dutch government as part of its commitment to reduce operating costs. The government had stipulated that the carrier needed to reassess its strategy, cost-cutting initiatives, financial considerations and how staff will embrace reduced employment conditions amounting to income-dependent, graduated cutbacks of up
Rolls-Royce, the manufacturer of jet engines which power both the Boeing 787 and Airbus A350 has seen its share price since the outbreak of the COVID-19 pandemic fall by over 80%. The company’s market value currently stands at approximately £2.0 billion. Part of the problem lies not just with a drop in demand for new
LCI, a leading helicopter lessor and the aviation division of the Libra Group, and Sumitomo Mitsui Finance and Leasing Company, Limited (SMFL) have agreed to establish and operate a joint venture helicopter leasing business. The vehicle has launched with the initial acquisition of 19 next-generation helicopters with a value of US$230 million. SMFL and LCI
The general extraordinary shareholders meeting of Mexican low-cost airline Volaris, has authorized a capital increase of up to MXN3.5 billion (US$156 million) to strengthen the carrier’s capital position and to take advantage of potential growth opportunities. Volaris is evaluating different financing alternatives and has obtained shareholder approval for the issuance of new shares that can
Regional Express Holdings (Rex) has signed a long-form term sheet and is in advanced exclusive negotiations with PAG Asia Capital (PAG), a leading Asia-Pacific-focused investment firm, regarding an investment by PAG of up to AU$150 million (US$210 million) to be used exclusively to support the launch of Rex’s domestic major city jet operations scheduled to
