ICBC provides loan to Atlas Air Worldwide Holdings for Boeing 757-200SF Aircraft Acquisition

Project narrative

On or around August 15, 2010, financial closed was reached on a deal in which Industrial and Commercial Bank of China Limited (ICBC) entered into a bilateral loan agreement with Atlas Air Worldwide Holdings, Inc. (AAWW) — a Delaware-incorporated provider of air cargo assets and operating solutions — for the acquisition of a Boeing 757-200SF aircraft. The proceeds of the loan will back leverage the acquisition, made in March of that year by Titan Aviation Leasing, a wholly-owned subsidiary of AAWW. The facility carries a maturity period of five years. The loan covers approximately 70% of the aircraft's purchase price. Titan Aviation Leasing had leased the plane to Shanghai Airlines (now part of China Eastern Airlines) for five years.