GUERNSEY - DP Aircraft I Limited announced Thursday it has arranged new debt facilities of up to $92 million with a group of lenders led by Investec Bank plc for two Boeing 787-8 aircraft, according to a press release statement.
The company has drawn down $86 million of the facilities, with an additional $6 million available for drawdown subject to agreed terms and conditions. The funds have been used primarily to refinance existing debt on the aircraft, with additional amounts allocated to repay intergroup indebtedness, associated costs, shareholder loans and general corporate purposes.
The facilities mature in late 2034, coinciding with the end of the first lease period under lease agreements with LOT Polish Airlines. The loans will amortize over their term to a final balloon repayment at maturity. The all-in financing cost, including hedging costs, has been fixed at approximately 6.9% per annum until maturity in 2034.
Investec will serve as agent, security trustee and hedge counterparty. The facilities include hedging arrangements for the underlying floating rate exposure.
The aircraft are expected to transfer to the company’s Irish subsidiaries following the expiry of Thai leases in October and December of this year. The aircraft will then be delivered to LOT under previously announced 12-year lease agreements. The facilities have been drawn down by Guernsey subsidiaries, with borrower positions set to migrate to Irish subsidiaries upon commencement of the LOT leases.
The company stated the board will consider options available to the group with the objective of maximizing returns for shareholders following the drawdown of these facilities.
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