Waypoint Leasing hits 100 helicopter milestone
Waypoint Leasing has now has more than 100 helicopters that are on lease to 13 customers. This milestone was reached less than 24 months from the launch of the company.
Waypoint also raised a further $185 million in the first quarter of 2015 through three debt facilities, including the company’s first unsecured loan. The company will use the cash to buy more helicopters.
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The company’s fleet, which ranges from light single engine to heavy twin engine helicopters delivered from Finmeccanica – AgustaWestland, Airbus Helicopters, Bell Helicopter and Sikorsky Aircraft Corporation, now includes over 100 aircraft on lease with 13 customers operating in 22 countries around the world, with total assets in excess of $1.2 billion.
Waypoint Leasing also has firm and option orders with aircraft manufacturers for more than 95 helicopters valued at more than $1.4 billion, to be delivered over the next five years.
Ed Washecka, CEO of Waypoint said: “We appreciate the tremendous support of our customers and financial and operating partners who are key to the success of our business. We differentiate our business by leveraging our deep helicopter operating and leasing experience across our global platform, enabling us to be responsive and flexible for our customers. Through a combination of our acquired portfolio and our order book, we are extremely well positioned to continue to meet customer demand for helicopter services and financing solutions in the years ahead.”
Alan Jenkins, CFO of Waypoint added: “We continue to execute on our financing strategy through the closing of three facilities in the first quarter of 2015, including our first unsecured revolving credit facility, providing us with further liquidity and flexibility. As we have successfully scaled the business, our cost of capital has continued to decrease, a benefit we continue to bring to the industry. We are proud that our success in the market has allowed us to attract some of the world’s most renowned financial institutions to act as lead arrangers for our debt financing transactions.”
The combined $185 million in debt facilities includes a $60 million unsecured Revolving Credit Facility, co-led by SunTrust Robinson Humphrey, Inc. and MUFG Union Bank, N.A; an $85 million 5 year Term Loan led by Deutsche Bank AG; and a $40 million increase to a $300 million Term Loan, co-led by BNP Paribas, MUFG Union Bank, N.A., RBC Capital Markets and Wells Fargo Securities.
Waypoint Leasing’s total debt commitments are now more than $1.2 billion and together with its already announced equity the company has financing of $1.7 billion to support helicopter lease transactions for its customers.
Key Waypoint debt deals
April 2015 – $60 million unsecured loan
Lead arrangers: SunTrust Robinson Humphrey and MUFG Union Bank
April 2015 – $85 million loan
Lead arranger: Deutsche Bank
April 2015: $40 million increase to $300 million Term Loan
Lead arranger: BNP Paribas, MUFG Union Bank, RBC Capital Markets and Wells Fargo Securities.
September 2014 – $300 million revolver (can be expanded to $400 million)
Lead arrangers: BNP Paribas, MUFG Union Bank, RBC Capital Markets and Wells Fargo Securities
Lenders: Lombard, Sumitomo Mitsui Banking Corporation, Everbank Commercial Finance and Capital One, National Association
June 2014: $133 million extension to November facility (option to expand facility to $550 million)
Lenders: Barclays Bank, Citi, RBC Capital Markets, Lombard
May 2014: $72.5 million five-year term loan
Lead arranger: Goldman Sachs
November 2013: $335 million revolver
Joint bookrunner and agent: Credit Suisse
Joint bookrunners: SunTrust Robinson Humphrey, CIT Finance
Lenders: Goldman Sachs, Union Bank., Fifth Third Bank and 1st Source Bank.