ASL Aviation Holdings confirms $155mn support for fleet expansion

ASL Aviation Holdings has closed a new credit facility arranged by Goldman Sachs. "The agreement makes $155 million available to ASL to be drawn down as required over a 15-month period," says an official release. "The facility is an enhanced secured term loan and Goldman Sachs served as sole lead arranger and placement agent."

The agreement builds on ASL’s relationship with Goldman Sachs following the announcement of an initial facility of $125million in April 2021 and an increase of that facility to $200million in July 2022, the release added.

ASL will use the funds to continue its fleet renewal programme which has so far seen the services provider agree to 40 conversion slots with Boeing for the B737-800BCF (Boeing Converted Freighter).

“With the aviation industry recovering from the financial turmoil caused by the pandemic, this agreement reflects the underlying strength of ASL Aviation Holdings”, says Mark O’Kelly, Group Chief Financial Officer, ASL Aviation Holdings. “This facility will be utilised solely for our continuing BCF programme, and the indicative rate achieved demonstrates the strong confidence in the market for our fleet renewal plans and our expansion strategy."

ASL’s original confirmation of 10 BCF slots with Boeing has now grown to 40, and ASL is now the largest operator of the B737-800BCF through ASL Airlines in Ireland, Belgium and France. The 16th aircraft in ASL’s BCF programme is expected to enter service later this month.

ASL Aviation Holdings had earlier this week announced the acquisition of Australian airline Pionair.