The Board of Directors is pleased to announce that the Company, via its wholly-owned subsidiaries, has entered into agreements dated 18 February, 2020 to sell two A380-800 aircraft bearing manufacturer's serial numbers 233 and 237 to Etihad Airways PJSC. Closing of the sales, which are subject to the fulfilment of certain conditions precedent, is expected to occur on or around 24 February, 2020.
After repayment of the current financing arrangements on the aircraft, the determination of swap breakage and facility prepayment costs together with transaction costs, fees and expenses, the Company currently expects the aggregate net cash proceeds to the Company to be in the region of GBP 130 million.
An announcement containing further details of the sales will be made once the transactions close on or around 24 February 2020.
The Board of Directors will consider the best utilisation of the net proceeds once received and a further announcement in this regard will be made in due course.