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Alex Gale

West Atlantic welcomes new ATP pilots

Our new ATP pilots enjoyed a traditional Swedish barbecue (i.e  hotdogs whilst dodging occasional massive rain showers) as part of their welcome to West Atlantic.

Left to right, Douglas Hauxwell (captain), Sian Richards (F/O), Jordy Bogaard (F/O), Gianmassimo Marcato (captain).

Welcome aboard!

Final outcome from written procedure in West Atlantic AB (publ)

On November 2, 2015 a notice to bondholders’ meeting by way of procedure in writing was sent to the bondholders in West Atlantic AB (publ) (the “Company”) bond issue with ISIN SE0005133360 (the “Bonds”). The time for replies expired on November 16, 2015 and a sufficient number of votes were obtained to form a quorum and the proposed resolution obtained 100% of the votes. The terms and conditions of the Bonds will therefore be amended as set out in the notice to the written procedure; accordingly the Bonds may be redeemed by the Company at any time, in exchange for full interest compensation (make-whole provision) adjusted to net present value calculations, up to and including the previous first call date, May 9 2016.

Press Release

West Atlantic announces second B767 aircraft enters service

West Atlantic are pleased to announce that a second B767 has successfully entered service under a multi-year agreement with a Global Integrator. The aircraft is the second to have been supplied to West Atlantic by Cargo Aircraft Management, a division of strategic partner, Air Transport Services Group.

Operated by West Air Sweden the aircraft (SE-RLB) joins its sister ship (SE-RLA) which entered service in April this year.

West Atlantic has further secured commercial terms for a third B767 aircraft which is scheduled to be deployed in Q1, 2016.

“We have been delighted with the performance of our first 767 and, with the arrival of the second, we’re further delivering on our commitment to ensure that West Atlantic continues to meet a growing demand for efficient outsourced medium widebody freighters in our core EU market” – says Gustaf Thureborn, CEO and President.

 

Press Release

Overview of refinancing possibilities in West Atlantic AB (publ)

On 2 November 2015 a notice to bondholders’ meeting by way of procedure in writing has been sent to the bondholders in West Atlantic AB (publ) (the “Company”) bond issue with ISIN SE0005133360 (the “Bonds”).

The Company is currently conducting a strategic overview of the Company’s financing structure and is reviewing a possible refinancing of the Bonds. As a mean of increasing the flexibility of the financing structure, the Company requests that the bondholders agree to amend the terms and conditions of the Bonds to the effect that the Bonds may be redeemed by the Company at any time in exchange for full interest compensation (make-whole provision). Currently, the Bonds are not early redeemable by the Company until after 8 May 2016.

The Company is contemplating to use capital raised to finance the acquisition of further aircraft and three such acquisitions have been negotiated on with an aggregated price of approximately SEK 150 million. These three aircraft are already contracted with existing clients of the Company.

As a part of the overview of the Company’s financing structure, also other potential structural changes of the Company are evaluated, which may involve equity transactions.

The Company has retained Pareto Securities as financial advisor and sole book runner in the potential refinancing.

Press Release

Amapola does not extend agreement with West Atlantic

Amapola has announced that they will not extend the subcontractor agreement of PostNord with West Atlantic when it expires at the end of this year. West Atlantic has been a subcontractor to Amapola since 2005. The agreement with Amapola involves five BAe ATP-F aircraft and accounted for roughly 10 percent of the revenue in 2014, but has decreased in importance during 2015 as a result of the new Boeing 737-routes that were introduced during the first half of 2015.

It is unfortunate that we were unable to reach an agreement with Amapola. We now look at alternatives for the five aircraft currently deployed by Amapola, such as engaging these aircraft on new routes in our continued expansion or using them to cover the Company’s ongoing need for spare parts, says Gustaf Thureborn, CEO and President of West Atlantic.At the same time, the efforts of adding new Boeing 737 routes to the network have progressed very well and we will launch two new routes during the second half of 2015 and we have already signed two new contracts for the first half of 2016.

Press Release – English

Press Release – Swedish