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| AAWW > SEC Filings for AAWW > Form 8-K on 13-Dec-2012 | All Recent SEC Filings |
13-Dec-2012
Creation of a Direct Financial Obligation or an Obligation under
As previously disclosed in our Current Report on Form 8-K filed with the Securities and Exchange Commission on February 3, 2012, on January 30, 2012, Atlas Air, Inc. ("Atlas Air"), a wholly owned subsidiary of Atlas Air Worldwide Holdings, Inc. ("AAWW"), entered into a term loan facility for up to $864.8 million with Apple Bank for Savings, guaranteed by the Export-Import Bank of the United States ("Ex-Im Bank") to finance up to six 747-8F aircraft deliveries (the "Ex-Im Bank Facility"). The Ex-Im Bank Facility, when drawn, will consist of up to six separate term loans, each secured by a mortgage on a 747-8F aircraft. The Ex-Im Bank Facility contains customary covenants and events of default and is not cross-defaulted to any of Atlas Air's other debt facilities.
Four term loans aggregating $570.7 million have been made under the Ex-Im Bank Facility to date. All four term loans have been refinanced through the issuance of bonds in capital markets transactions, which are described in greater detail below.
On May 29, 2012, Atlas Air borrowed $142.0 million under the Ex-Im Bank Facility as a variable-rate loan secured by a mortgage against one 747-8F (aircraft tail number N850GT). On June 19, 2012, the loan was refinanced through the issuance of twelve-year fixed-rate notes in the amount of $142.0 million (the "First 2012 Ex-Im Bank Guaranteed Notes"). The First 2012 Ex-Im Bank Guaranteed Notes accrue interest at a fixed rate of 2.02% with principal and interest payable quarterly.
On July 24, 2012, Atlas Air borrowed $142.7 million under the Ex-Im Bank Facility as a variable-rate loan secured by a mortgage against one 747-8F (aircraft tail number N851GT). On July 31, 2012, Atlas Air refinanced the loan through the issuance of twelve-year fixed-rate notes in the amount of $142.7 million (the "Second 2012 Ex-Im Bank Guaranteed Notes"). The Second 2012 Ex-Im Bank Guaranteed Notes accrue interest at a fixed rate of 1.73% with principal and interest payable quarterly.
On October 1, 2012, Atlas Air borrowed $142.8 million under the Ex-Im Bank Facility as a variable-rate loan secured by a mortgage against one 747-8F (aircraft tail number N852GT). On October 10, 2012, the loan was refinanced through the issuance of twelve-year fixed-rate notes in the amount of $142.8 million (the "Third 2012 Ex-Im Bank Guaranteed Notes"). The Third 2012 Ex-Im Bank Guaranteed Notes accrue interest at a fixed rate of 1.56% with principal and interest payable quarterly.
On December 4, 2012, Atlas Air borrowed $143.2 million under the Ex-Im Bank Facility as a variable-rate loan secured by a mortgage against one 747-8F (aircraft tail number N853GT). On December 12, 2012, the loan was refinanced through the issuance of twelve-year fixed rate notes in the amount of $143.2 million (the "Fourth 2012 Ex-Im Bank Guaranteed Notes"). The Fourth 2012 Ex-Im Bank Guaranteed Notes accrue interest at a fixed rate of 1.48% with principal and interest payable quarterly.
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