AviTrader Weekly News 2017-11-06

WEEKLY AVIATION HEADLINES
9
FINANCIAL NEWS
exceptional items. All our companies performed
well. Passenger unit revenue was up
2.2 percent at constant currency boosted by
improvements in the Spanish and Latin American
markets. Our commercial performance
was good despite underlying disruption from
severe weather and terrorism. IAG Cargo improved
in the quarter due to stronger Asia Pacific
demand compared to last year.”
Zeitfracht and Nayak take over airberlin
maintenance unit
airberlin’s maintenance unit, has been acquired
by family-owned Zeitfracht and maintenance
group Nayak, for a sum as yet undisclosed.
This should save approximately
300 jobs. Zeitfracht is also buying Air Berlin’s
cargo marketing unit. The remaining 550
maintenance employees who will not be going
to Zeitfracht will be taken on by a so-called
‘transfer company’ which will take on a total
of approximately 1,200 redundant Air Berlin
ground handling staff and will subsequently
look to source new employment opportunities
for them. This figure is still appreciably lower
than the 4,000 staff unions had hoped would
be taken care of.
Aergo Capital announces pricing of inaugural
aircraft portfolio transaction,
‘METAL 2017-1’
Aergo Capital Limited headquartered in Dublin,
Ireland has announced the issuance of
US$584.839m of secured notes (the Notes) by
METAL 2017-1 Limited (METAL Cayman) and
METAL 2017-1 USA LLC (METAL USA). Together
METAL Cayman and METAL USA expect to
use the proceeds from the sale of the Notes
to acquire a portfolio of 26 aircraft with an
appraised value of approximately US$690m
from Aergo, and will, in turn, use such proceeds
to refinance existing loans. Aergo Capital
will act as servicer for the aircraft portfolio.
The offering consists of four tranches of
Notes: US$430.028m of Series A Notes with
a coupon of 4.581% at par, US$86.006m of
Series B Notes with a 6.5% coupon at 98.46%
price, US$55.044m of Series C-1 Notes and
US$13.761m of Series C-2 Notes with coupons
of 8.0% and 9.75% respectively and prices of
98.62% and 99.56% respectively. The Series
A Notes have an initial loan to value (LTV) of
62.5%, the Series B Notes have an initial LTV
of 75%, and the Series C-1 and C-2 Notes have
initial LTV’s of 83% and 85% respectively. The
transaction was priced on October 30, 2017
and is expected to close on November 6, 2017.
Safran reports strong sales for third
quarter and first nine months 2017
Safran’s reported third-quarter 2017 adjusted
revenue was €3,815m, up 8.5% on a reported
basis year-on-year. Adjusted revenue increased
11.3% on an organic basis. Adjusted
revenue in the first nine months of 2017 was
€11,853m, an increase of 3.0% on a reported
basis, up 5.1% on an organic basis, compared
to 2016. In the third-quarter 2017, civil aftermarket
increased 14.5% in USD compared to
2016 driven notably by service activity and
spare parts for CFM56 engines. In the first
nine months of 2017, civil aftermarket grew
10.4% in USD. (€1.00 = US$1.18 at time of
publication.)
Aviation Training & Events
AIRCRAFT ECONOMIC
LIFE SUMMIT
28 November 2017, Gibson Hotel, Dublin
Everest Events Ltd
@everestevents
Everest Events
www.everestevents.co.uk