MSNs: 1346, 37709, 42101, 5808
Intrepid Aviation entered into a secured credit agreement with DVB Bank SE, as a senior lender and facility agent, BNP Paribas S.A., as a senior lender, Credit Agricole Corporate and Investment Bank, as a senior lender, Deutsche Bank AG, New York Branch, as a senior lender, Investec Bank PLC, as junior lender, and Wells Fargo Bank Northwest, National Association, as security trustee, for a $356.0 million loan to provide acquisition financing for the purchase of two Boeing 777-300ER aircraft, which are on lease to Philippine Airlines and Ethiopian Airlines, one Airbus A330-300 aircraft on lease to China Airlines and one Airbus A321-200 aircraft on lease to EVA Airways. Intrepid Holdings is a guarantor of the facility.
The senior loan is in the principal amount of $315.0 million with a separate schedule and rate for each of the four aircraft as follows:
Loan 1A is in the amount of $70.0 million at an annual rate of 2.75% plus 3-month LIBOR and includes an approximately $35.4 million balloon;
Loan 2A is in the amount of $95.0 million at an annual rate of 2.75% plus 3-month LIBOR and includes an approximately $26.2 million balloon;
Loan 3A is in the amount of $115.0 million at an annual rate of 2.75% plus 3-month LIBOR and includes an approximately $51.3 million balloon;
Loan 4A is in the amount of $35.0 million at an annual rate of 2.75% plus 3-month LIBOR and includes an approximately $19.1 million balloon.
The junior loan is in the principal amount of $41.0 million with a separate schedule for each of the four aircraft as follows:
Loan 1B is in the amount of approximately $13.4 million at an annual fixed rate of 9.28% and includes an approximately $5.4 million balloon;
Loan 2B is in the amount of approximately $12.1 million at an annual fixed rate of 9.23% and includes an approximately $4.0 million balloon;
Loan 3B is in the amount of approximately $10.1 million at an annual fixed rate of 9.47% and includes an approximately $7.8 million balloon;
Loan 4B is in the amount of approximately $5.4 million at an annual fixed rate of 9.26% and includes an approximately $2.9 million balloon.
Each of the senior loan and the junior loan has a maturity of 96 months with interest and principal payable quarterly. The senior loan floating interest rates are synthetically fixed using interest rate swaps.
