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LATEST NEWS
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Wednesday, October 5th, 2022
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As it comes out the other side of the COVID pandemic Swissport, the Swiss aviation services company providing airport ground, lounge hospitality and cargo handling services has successfully completed a new €600 million Term Loan offering whilst also entering into a new €200 million Super Senior Revolving Credit Facility.
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The funds will be used for refinancing existing credit facilities and also provide Swissport with further committed liquidity to bolster its already strong financial position. The company is now well capitalised as it ramps up operations and will be in a strong position to drive global growth.
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Radar Topco S.à r.l., Swissport Group’s holding company, has announced that Radar Bidco S.à r.l., a wholly owned subsidiary of the company, has completed a new Term Loan offering in an aggregate principal amount of €600 million with maturity of September 2027. In addition, the company will also be entering into a new €200 million Super Senior Revolving Credit Facility / ancillary facility with maturity of March 2027. The proceeds will be used to refinance existing senior and super senior credit facilities, which include a €500 million Term Loan maturing December 2024 and a €30 million revolving credit facility maturing December 2024.
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“Together with available cash, the refinancing secures the Group with an extended debt maturity profile and provides additional liquidity as we are ramping up operations across our global network,” said Ivan Nash Vila, Group Chief Financial Officer, Swissport International AG. (£1.00 = €1.15 at time of publication).
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SAS AB has reached agreements with ten lessors, representing in aggregate 36 aircraft, to amend the terms of existing aircraft and equipment lease agreements. The agreements constitute an important step in reconfiguring the fleet and achieving the SEK 7.5 billion in annual cost savings under the SAS FORWARD plan. The amended lease agreements are subject to approval by the U.S. Bankruptcy Court for the Southern District of New York and to the plan of reorganisation in the chapter 11 process becoming effective.
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The amended lease agreements have been entered into with ten lessors – AerCap Holdings N.V., Aergo Capital Limited, Aircastle Limited, ALAFCO Aviation Lease and Finance Company, Avolon Aerospace Leasing Limited, CDB Aviation, Dubai Aerospace Enterprise (DAE) Ltd., ICBC Aviation Leasing Co., Ltd., ORIX Aviation Systems Limited and SDH Wings International Leasing Limited – representing in aggregate 36 aircraft, including three wide-body and 33 narrow-body aircraft, as well as certain equipment related thereto.
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Through the amended lease agreements, SAS is well on track in achieving the targeted annual cost savings of at least SEK 850 million to 1.0 billion in reduced aircraft lease and capital costs, which constitutes an important step in achieving the SEK 7.5 billion in annual cost savings by fiscal year 2026 under the SAS FORWARD plan. The company intends to continue negotiations with certain other of its lessors to achieve further amendments in existing lease agreements.
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Airbus has started development flight testing of the GTF Advantage engine on an A320neo aircraft. This early flight test campaign will continue to mature the engine by testing it in a variety of environments, including hot and cold weather and operation from high-altitude airports.
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The flight test campaign is an extension of ongoing product development by Pratt & Whitney and Airbus. Engine certification will continue through the first half of 2023, including flights currently underway on the Pratt & Whitney flying test bed in Mirabel, Québec, Canada, as well as extensive endurance testing to ensure product maturity at entry into service. The engine has completed more than 2,400 hours and 7,800 cycles of testing, including a successful test on 100% sustainable aviation fuel.
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The GTF Advantage engine lowers fuel consumption and CO2 emissions by up to 1% compared to the current model GTF engine. Capable of a take-off thrust improvement of 4% at sea level, the engine could enable longer range and higher payload, making it particularly suitable for A321XLR aircraft and unlocking more destinations for airlines. In addition, the engine will offer an increase of up to 8% take-off thrust at higher altitudes. GTF Advantage will be intermixable and interchangeable with the current GTF engine to ensure maximum operational flexibility.
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In September, Finnair carried 890,500 passengers, which was 198.7% more than in September 2021. The number of passengers in September 2022 was 1.1% more than in August 2022 (month-on-month figures are not fully comparable as there was one day less in September).
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The COVID-19 impact, including the strict travel restrictions imposed by many countries, still affected passenger traffic figures, and it was particularly visible in the Asian figures. The Russian airspace closed at the end of February due to the counter sanctions related to the war in Ukraine, which resulted in route and frequency cancellations in Asian traffic. Thanks to robust demand for cargo, Finnair, however, continued operating to most of its Asian destinations despite the longer routings. Thus, the negative impact of the airspace closure on Asian passenger traffic figures, which were already affected by the pandemic, remained moderate in September. The distance-based reported traffic figures do not take into account longer routings caused by the airspace closure as they are based on Great-Circle distance.
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The overall capacity, measured in Available Seat Kilometres (ASK), increased in September by 117.5% year-on-year but decreased by 2.3% month-on-month. Finnair operated, on average, 268 daily flights (cargo-only included), which was 86.1% more than in September 2021 and 5.9% more than in August 2022. The differences between capacity figures compared to September 2021 are explained by the longer average stage length of flights operated and by the larger gauge of aircraft operated. Finnair's traffic, measured in Revenue Passenger Kilometres (RPKs), increased by 306.4% year-on-year but decreased by 4.9% month-on-month. The Passenger Load Factor (PLF) increased by 35.2% points year-on-year but decreased by 2.1% points month-on-month to 75.7%.
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The ASK increase in Asian traffic was 136.3% year-on-year. The North Atlantic capacity increased by 67.4%. In European traffic, the ASKs were up by 147.5%. The ASKs in domestic traffic increased by 39.4%. RPKs increased in Asian traffic by 827.9%, in North Atlantic traffic by 578.7%, in European traffic by 201.5% and in domestic traffic by 53.9% year-on-year. In September, the PLF improved particularly in Asian traffic (76.1%) and North Atlantic traffic (65.4%) year-on-year. The PLF was 79.8% in European traffic and 78.0% in domestic traffic. Passenger numbers increased in Asian traffic by 828.8% year-on-year. In North Atlantic traffic, the number of passengers increased by 559.0%. In European traffic, passenger numbers increased by 197.2% and in domestic traffic by 81.7%.
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GKN Aerospace has acquired a pioneering Swedish additive manufacturing system business, as part of its engines business’s journey to transform its supply chain and offer more sustainable and advanced material solutions to customers.
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Permanova Lasersystem AB, based in Gothenburg, is a leader in advanced laser technology and cell integration and a current supplier of laser welding and laser metal deposition systems to GKN Aerospace. GKN Aerospace is already a leader in laser metal deposition for complex engine components, with additive AM components flying today on multiple platforms. The acquisition will strengthen GKN Aerospace’s additive fabrication offer, accelerate large scale AM industrialisation and enable significant future business growth.
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It is also a major milestone in its sustainability journey, with additive manufacturing reducing material and energy usage by up to 80% compared to traditional manufacturing techniques. The widespread adoption of AM will be an important aspect of the aerospace industry’s commitment to achieve net zero emissions by 2050.
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Abelo, the Irish-based regional aircraft leasing platform specialising in turboprop aircraft, has appointed Richard Hill to the role of Chief Financial Officer with immediate effect. Hill has over 15 years of experience in the aviation sector, holding several senior finance and commercial roles within airlines and airports.
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His financial expertise, as well as more experience in working closely with airline and other business partners to drive profitable growth, will be crucial as Abelo continues to move forward into a new era of growth and development as a leading turbo-prop lessor.
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Abelo was established in June 2022 by the merger of Elix Aviation and ADARE Capital.
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Pro Star Aviation, an innovative special missions aerospace modification centre, in partnership with CNC Technologies, have delivered the fifth high-tech special mission Cessna 208 Caravan that CNC delivered to the Texas Department of Public Safety.
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CNC Technologies selected Pro Star Aviation to perform completion services and installation based on their past work experience on special mission platforms. The team integrated digital audio systems, tactical communications, EO/IR camera systems, video downlink, a gross weight increase STC and additional equipment.
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"Working with CNC Technologies Our Special Missions team applied proven solutions that enabled an on time and on budget delivery. The technology and operational readiness this law enforcement platform provides is incredible. Our strategic partnership with CNC has enabled an unprecedented advance in capabilities and reliability to the operator," said John Hill, Business Development Manager-Special Missions.
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