Following on from the announcement on 18 February (which we covered here), Amedeo Air Four Plus (AA4) has announced that it has completed the sale of two A380-800 aircraft to Etihad Airways, bearing the manufacturer’s serial numbers 233 and 237.
The sales included the full repayment of the financing arrangements on both aircraft, including applicable swap breakage and facility prepayment costs. After the payment of all applicable transaction costs, fees and expenses (which amount to approximately £5.1m), the company expects to realise aggregate net cash proceeds of approximately £130.9m.
The board noted that with respect to prevailing market conditions and to existing and anticipated secondary market activity regarding A380 aircraft, they consider the sale to be be a favourable financial result. Following these sales, the company owns six A380-800 and two B777-300ER (which are leased to Emirates Airline) and four A350-900 aircraft (which are leased to Thai Airways).
What about the rest of the A380 fleet?
AA4 says it may seek to identify potential sale and purchase opportunities at appropriate points for other aircraft, though there can be no assurance that the sale of the two A380-800 aircraft to Etihad announced today necessarily affords guidance as to the ability of the company to realise the remaining aircraft, including the six such A380-800 aircraft, or to the value that might be achieved upon such realisations.
[Aircraft 233 was bought on 24 March 2017 and 237 was bought on 24 May 2017. The company didn’t disclose the purchase price for these aircraft but it bought them using the £130m it raised in January of that year (plus debt). Amedeo paid out 8.25p in dividends each year on the £130m it raised and now has its money back. The board hasn’t made up its mind what to do with the £130.86m that it is freeing up from the sale but it will let us know.]
AA4: Amedeo Air Four Plus completes sale of two A380s to Etihad for a net £130.9m