Published on July 8th, 2022 | by Alan Dwyer0
ASL Confirms Financial Deal with Goldman Sachs
ASL Aviation Holdings has completed the extension and upsizing of its existing debt facility with Goldman Sachs. The agreement builds on ASL’s relationship with Goldman Sachs to increase its financial facility to US$200million from the US$125million announced in April 2021. The delayed draw facility is available to draw down as requested by ASL Aviation Holdings. In June 2019 ASL announced 10 firm conversion slots and 10 options for the Boeing 737-800 Boeing Converted Freighter (BCF). The 10 options were confirmed in February 2021 and in March this year, ASL announced a further 10 conversion slots and 10 options. This potentially brings the medium-haul renewal programme to 40 Boeing 737-800BCF aircraft.
Commenting on the financial deal, ASL Aviation Holdings Chief Financial Officer Mark O’Kelly. said, “This increased facility further underpins ASL Group’s financial stability and also our plans for continued capital expenditure and growth. As before the facility will be used to partially finance our fleet renewal programme, with aircraft being placed primarily in our European airlines, ASL Airlines Ireland, ASL Airlines Belgium and ASL Airlines France.”
Also commenting was the Chief Executive of ASL Aviation Holdings, Dave Andrew who added, “This additional facility strengthens our financial infrastructure and signals confidence in our ongoing fleet renewal programme. The B737-800 freighter meets the requirements of our customers which is why we are already the largest operator of the B737-800BCF and of the B737-800 freighter generally. These next-generation freighter aircraft reduce carbon emissions and support our environmental sustainability plans to achieve net-zero emissions in line with the European Aviation Industry’s Destination 2050 roadmap.”
The 13th aircraft of the 20 originally announced will enter service at the end of July and two more aircraft are currently undergoing conversion. The 20th aircraft is due to enter service in early 2023 and ASL is currently sourcing aircraft for the second part of the conversion programme that will begin immediately afterwards. ASL Aviation Holdings operates cargo services for the world’s leading express parcel integrators and online retailers. Group airlines also operate scheduled and charter cargo services under its own airline brands on domestic, international, and intercontinental routes in Europe, Asia, the Middle East, North America and Africa. ASL has a global team of 2,500 people of 51 nationalities. The Group has a fleet of 130 aircraft that includes 7 aircraft types ranging from the turboprop ATR 72 to the Boeing 747.