ASL Aviation Holdings has secured a USD155 million new credit facility in the form of an enhanced secured term loan from US investment bank, Goldman Sachs. The funds, which can be drawn down over a 15 month period, reflect a growing relationship between Goldman Sachs and ASL.
According to ASL Group Chief Financial Officer, Mark O’Kelly, the monies will be exclusively used to fund the BCF (Boeing-converted freighter) program. ASL has secured 40 slots with Boeing to complete its fleet renewal program. ASL is now the largest operator of B737-800(BCF)s, with its 16th expected to start flying later this month.
“We are delighted with the support shown for our market plans and positioning by Goldman Sachs," said O'Kelly via a statement. "The indicative rate achieved demonstrates the strong confidence in the market for our fleet renewal plans and our expansion strategy.” ASL locked in an initial USD125 million loan facility from Goldman Sachs in 2Q 2021, and increased that to USD200 million in July 2022.
ASL owns stakes in seven airlines based in Europe, South Africa and Asia, all of which conduct substantial ACMI, scheduled and cargo, and passenger operations. Its carriers include ASL Airlines Ireland, ASL Airlines Belgium, ASL Airlines France, and ASL Airlines UK. ASL also has joint venture stakes in K-Mile Asia and Quikjet Airlines and maintains an associate interest in FlySafair. Last week, ch-aviation reported that ASL had acquired a 100% stake in Pionair Australia and intends to rebrand it to ASL Airlines Australia.
