Waypoint extends $390 million loan
Waypoint Leasing has extended maturity of two revolving credit facilities valued at $390 million, with a $100 million facility pushed back to late 2019 and over $280 million to late 2020.
The loans are extended over seven lenders. The proceeds from the facilities will be used to support efficient closings and financing solutions for its customers and the company’s aircraft program.
Ed Washecka, CEO of Waypoint, said: “Waypoint appreciates this endorsement of our business model from our financing partners. These transactions increase our financial flexibility and come at a time when we are seeing some level of recovery in our markets.
“This gives us further power to support our operator customers in exploiting that trend through our appetite for sale-and-leaseback transactions, or from our order book, or from the cost-effective solutions we provide through remarketing our inventory. Reducing asset risk and enhancing liquidity through Waypoint gives our operator partners more time and resource to focus fully on offering quality service to customers.”
Waypoint has an asset base worth $1.6 billion, with firm and option orders of light twin to super medium helicopters worth $1.3 billion.
Alan Jenkins, CFO & COO of Waypoint said: “We are very excited and appreciative of the commitment our lending partners have demonstrated to us and the industry overall. The revolver extensions provide additional liquidity and runway to Waypoint, to facilitate ongoing support to our customer base while further extending our debt maturity profile, as we successfully navigate through the current challenging market conditions”.