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Aircastle Announces Fourth Quarter and Full Year 2020 Results
Full Year Net Loss of $(333.2) million; Investment Grade Ratings Affirmed by Fitch, S&P and Moody s
Delivered First Embraer 195 E2 aircraft to KLM Cityhopper on April 19, 2021
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Key Financial Metrics for the Three Months ended February 28, 2021
Total revenues of $197.5 million
Net loss of $(95.8) million
Adjusted EBITDA
Highlights
Investment Grade credit ratings recently affirmed by Fitch at BBB, S&P at BBB- and Moody s at Baa3
During Q4, issued $750 million of seven-year senior, unsecured bonds at a record low coupon of 2.85%
Retired $500 million of 5.125% coupon bonds
For the twelve months ended February 28, 2021, acquired five narrow-body aircraft for $154 million
Recent Highlights
For the nine months ended November 30, 2020, acquired five aircraft for $154.3 million, two of which were A320neo aircraft acquired in a sale leaseback transaction with Volaris
For the nine months ended November 30, 2020, sold six aircraft; average age of approximately eleven years; nine-month gain on sale of $24.2 million; through January 8, 2021, sold four additional aircraft
For the three months ended November 30, 2020, collections represented approximately 90% of lease rental and direct financing and sales-type lease revenues
In September, Moody s affirmed Aircastle s senior unsecured debt rating at Baa3
Liquidity
As of December 31, 2020, total liquidity of $2.2 billion includes $1.25 billion of undrawn credit facilities, $463 million of unrestricted cash, $153 million of contracted asset sales, and $343 million of projected operating cash flows through December 31, 2021