Avianca Holdings S.A. and Fortress Transportation and Infrastructure Investors LLC announce an agreement for the sale and pur...
July 24 2019 - 5:11PM
Avianca Holdings S.A. (NYSE: AVH; BVC: PFAVH; “Avianca”) and
Fortress Transportation and Infrastructure Investors LLC (NYSE:
FTAI) today announced that, in accordance with Avianca’s fleet plan
and the continued implementation of the “Avianca 2021”
transformation plan, Avianca has agreed to sell and FTAI has agreed
to purchase 14 aircraft (ten A318 and four A320 aircraft powered by
CFM56-5B and V2500 engines, respectively) for an estimated
aggregate price of approximately US$160 million. All
transactions are expected to close in 2019, subject to customary
closing conditions.
Anko van der Werff, Avianca’s Chief Executive
Officer, stated, “We are excited to execute a flexible phase-out
plan that maximizes our fleet value. It has been terrific working
with FTAI – we look forward to exploring new opportunities across
our fleet with FTAI and continuing to build our relationship with
them.”
“It is a pleasure to work closely with Avianca
and their fleet management team while they transition from current
generation to new generation aircraft,” said Joe Adams, FTAI’s
Chairman and Chief Executive Officer. “FTAI’s expertise in the CFM
and V2500 engine markets and bespoke approach have allowed us to
maximize value for Avianca.”
About Avianca Holdings S.A.
Avianca is a commercial brand that focuses on
integrating passenger and cargo transportation airlines and
on-ground services with a team of more than 21,000 employees.
The term “Avianca Holdings” refers to the consolidated
entity. Solely with respect to Avianca and Avianca Holdings,
the original source-language text of this announcement is the
official, authoritative version. Translations are provided as an
accommodation only, and should be cross-referenced with the
source-language text, which is the only version of the text
intended to have legal effect.
About Fortress Transportation and
Infrastructure Investors LLC
Fortress Transportation and Infrastructure
Investors LLC owns and acquires high quality infrastructure
and equipment that is essential for the transportation of goods and
people globally. FTAI targets assets that, on a combined basis,
generate strong and stable cash flows with the potential for
earnings growth and asset appreciation. FTAI is externally managed
by an affiliate of Fortress Investment Group LLC, a leading,
diversified global investment firm.
FTAI’s Aviation business focuses on mid-life
aircraft and compatible engine types and pursues a creative and
flexible approach to commercial aircraft and jet engine leasing.
FTAI's activity in the aviation sector has been largely focused on
the commercial jet engine leasing market, and FTAI has acquired
engines either directly or in connection with the acquisition of
commercial aircraft. As of March 31, 2019, FTAI’s aviation
portfolio includes 219 assets (73 commercial passenger aircraft and
146 commercial jet engines), and 111 of its commercial jet engines
and 69 of its commercial aircraft are leased to operators or other
third parties around the globe. FTAI's Aviation team is composed of
experienced professionals with deep industry knowledge in offices
around the world including New York, Miami, Dublin and Dubai.
Cautionary Note Regarding
Forward-Looking Statements
Certain statements in this press release may
constitute forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 including, but not
limited to, statements regarding the ability to close the
transactions, expected timing for such closings and the estimated
aggregate purchase price. These statements are based on Avianca
management’s and FTAI management’s current expectations and
beliefs, and are subject to a number of trends and uncertainties
that could cause actual results to differ materially from those
described in the forward-looking statements, many of which are
beyond Avianca’s and FTAI’s control. Avianca and FTAI can give no
assurance that their expectations will be attained and such
differences may be material. Accordingly, you should not place
undue reliance on any forward-looking statements contained in this
press release. For a discussion of some of the risks and important
factors that could affect such forward-looking statements, see the
relevant sections in Avianca’s Annual Report on Form 20-F and
Reports of Foreign Private Issuers on Form 6-K, which are available
on Avianca’s website (www.aviancaholdings.com), as well as the
sections entitled “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in
FTAI’s Annual Report on Form 10-K and Quarterly Reports on Form
10-Q, which are available on FTAI’s website (www.ftandi.com).
In addition, new risks and uncertainties emerge from time to
time, and it is not possible for Avianca or FTAI to predict or
assess the impact of every factor that may cause its actual results
to differ from those contained in any forward-looking statements.
Such forward-looking statements speak only as of the date of this
press release. Avianca and FTAI expressly disclaim any obligation
to release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in Avianca’s or
FTAI’s expectations with regard thereto or change in events,
conditions or circumstances on which any statement is based. This
release shall not constitute an offer to sell or the solicitation
of an offer to buy any securities.
For further information, please contact:
Alan Andreini Investor Relations Fortress Transportation and
Infrastructure Investors LLC (212) 798-6128
aandreini@fortress.com
Avianca Investor Relations Office+571 587 77 00 ext, 2474,
1349ir@avianca.com
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