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ASL Aviation increases debt facility to partially finance fleet renewal programme

ASL

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 the financial institution to increase its financial facility to US$200 million from the US$125 million announced in April 2021.

The delayed draw facility is available to draw down as requested by ASL Aviation Holdings, the Dublin, Ireland headquartered global aviation services group.

“This increased facility further underpins ASL Group’s financial stability and also our plans for continued capital expenditure and growth,” said ASL Aviation Holdings’ chief financial officer Mark O’Kelly.

“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.”

In June 2019 ASL announced 10 firm conversion slots and 10 options for the 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 40 737-800BCF aircraft.

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.

“This additional facility strengthens our financial infrastructure and signals confidence in our ongoing fleet renewal programme,” said ASL Aviation Holdings’ chief executive Dave Andrew. “The 737-800 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.”

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