ASTAR takes the first steps

[fodc8]

ASTAR Air Cargo Extends Credit Agreement with HSH Nordbank Through 2019
Expanded Scope to Include Aircraft and Real Property






Last Update: 12:49 PM ET Aug 8, 2007





MIAMI, Aug 08, 2007 (BUSINESS WIRE) -- ASTAR Air Cargo today announced that it has entered into an expanded revolving credit facility with HSH Nordbank AG, New York Branch. The revised credit agreement extends the term to 2019, subject to certain conditions. The scope of the revolving credit facility will now be expanded to permit ASTAR to finance capital expenditures including the acquisition of aircraft, cargo conversions, designated real property, and ground equipment.
"We at ASTAR are delighted with this important development," said Steven A. Rossum, Executive Vice President - Chief Financial Officer and Treasurer of ASTAR. "HSH Nordbank is a global leader in aviation finance and an important business partner for ASTAR. Our revised credit facility provides ASTAR with enhanced financial flexibility and access to capital for the next 12 years as we continue to carry out our business strategy focused on efficiency and growth."
Mathis Shinnick, Global Head of Transportation at HSH Nordbank, said, "We are very proud of the strength of our relationship with ASTAR which began in 2003 at the time of ASTAR's inception. This extension of the term and the expansion of the scope of our credit facility demonstrate our confidence in ASTAR's management team and their overall business strategy. We look forward to continuing to support their growth and expansion as a dedicated finance partner."
About ASTAR Air Cargo, Inc.
ASTAR Air Cargo, Inc. is the operating subsidiary of ASTAR Air Cargo Holdings, LLC. ASTAR Air Cargo is a licensed U.S. air carrier operating a fleet of 44 aircraft from its operational hub in Wilmington, Ohio. The airline provides all-cargo scheduled and charter services on a contract basis for the DHL Worldwide Express network and charter services on a contract basis for other customers including the U.S. military and the United States Postal Service. ASTAR Air Cargo is a participant in the United States Civil Reserve Air Fleet program supporting our national defense. Additional information can be found at www.astaraircargo.us.

 

[flyinboxes]

Headquarters in Hamburg Germany. Hmmmm.

 

[scarface]

Did daddy co sign the loan?

 

[erwaz]

rumor has it that their are 70+ 737-700s and 767-300s (unknown amount) that Astar has their hands on. Also Astar's POI has placed a 767 inspector on the staff.

 

[AV8OR]

Did daddy co sign the loan?

Probably, but they apparently had around half a Billion beforehand that they never used.....not a bad start....no?

Did ANA cosign for your new car from China?

 

[shooter]

rumor has it that their are 70+ 737-700s and 767-300s (unknown amount) that Astar has their hands on. Also Astar's POI has placed a 767 inspector on the staff.

737-700's.....Thats a pretty good aircraft, a next gen 737. Who does the cargo mods for that? Must be another model they meant to rumor.

 

[s2b]

737-700C

 

[hvydriver]

Shooter,

The rumor mill has it that they are going to be new off the line. They'll use the conversion line Boeing is setting up. FWIW. I'll believe it when I see it.

 

[scarface]

It would make me happy if ANA was co signing our loans, but I somehow doubt if they are.
I guess that 1.75% helped kick in to that laying around money.

 

[shooter]

Shooter,

The rumor mill has it that they are going to be new off the line. They'll use the conversion line Boeing is setting up. FWIW. I'll believe it when I see it.

WOW! the 700c is a production model, not a conversion and has only been in production for 7 years! they would new and an "order" for +70. erwaz said "hands on" which led me to believe they have already been produced. And I did not know of any -700 conversion programs. Not to say something would not be set up in the future, but the -700 is only 12-13 years old. I think the only 737 conversions on line so far are the -300 and -400's.

thx for clearing that up.

 

[Fightthefuture?]

rumor has it that their are 70+ 737-700s and 767-300s (unknown amount) that Astar has their hands on. Also Astar's POI has placed a 767 inspector on the staff.

You need to work on your sarcasm skills Someone may have thought you were serious, like I did, until I re-read your post and saw Astar was buying 700's. There is no cargo mod for the 737-700 (their too short, and too expensive). Unless Daz plans on converting them to BBJ's.

Now here's some sarcasm: Did you here Daz just got a line of credit from a German Bank? Yeah I heard he was going to buy 90 airplanes -767's, DC-8's and DC-9's. I wonder where he's going to get them?

 

[erwaz]

fightthefuture - You need a reality check.

From the Boeing web site.

The 737-700C (Convertible) is the first member of the Boeing Next-Generation 737 family to be offered in both an all-passenger and all-cargo layout. The 737-700C highlights the outstanding flexibility of the 737 family.
The 737-700C, a simple derivative of the Boeing Next-Generation 737-700 passenger airplane, has strengthened wings identical to those on the Boeing Business Jet (BBJ). The BBJ is a modified Next-Generation 737-700. The 737-700C also has a new main-deck cargo door and a new cargo handling system.
Like all Next-Generation 737 models, the 737-700C is powered by CFM56-7 engines produced by CFMI, a joint venture of General Electric of the United States and Snecma of France.
In an all-passenger layout, the Next-Generation 737-700C can carry up to 140 passengers. In a mixed-class configuration of 120 passengers, it can fly up to 3,205 nautical miles (5,940 kilometers). In an all-cargo layout, the 737-700C can carry up to 40,000 pounds (18,200 kilograms) of cargo and fly up to 2,880 nautical miles (5,330 kilometers).
The 737-700C was launched Sept. 3, 1997, when the U.S. Naval Reserve ordered two. The Naval Reserve calls the model the C-40 Clipper. The 737-700C is the first new all-cargo 737 Boeing has developed since 1966, when the 737-200 Convertible was launched.
The 737-700C allows airlines to alternate between passenger and cargo layouts on a daily, weekly or seasonal basis depending on market requirements.

40,000 lbs = 2 DC9s ! No reason to buy outdated junk with out cargo doors!!!

 

[shooter]

fightthefuture - You need a reality check.

From the Boeing web site.

The 737-700C (Convertible) is the first member of the Boeing Next-Generation 737 family to be offered in both an all-passenger and all-cargo layout. The 737-700C highlights the outstanding flexibility of the 737 family.
The 737-700C, a simple derivative of the Boeing Next-Generation 737-700 passenger airplane, has strengthened wings identical to those on the Boeing Business Jet (BBJ). The BBJ is a modified Next-Generation 737-700. The 737-700C also has a new main-deck cargo door and a new cargo handling system.
Like all Next-Generation 737 models, the 737-700C is powered by CFM56-7 engines produced by CFMI, a joint venture of General Electric of the United States and Snecma of France.
In an all-passenger layout, the Next-Generation 737-700C can carry up to 140 passengers. In a mixed-class configuration of 120 passengers, it can fly up to 3,205 nautical miles (5,940 kilometers). In an all-cargo layout, the 737-700C can carry up to 40,000 pounds (18,200 kilograms) of cargo and fly up to 2,880 nautical miles (5,330 kilometers).
The 737-700C was launched Sept. 3, 1997, when the U.S. Naval Reserve ordered two. The Naval Reserve calls the model the C-40 Clipper. The 737-700C is the first new all-cargo 737 Boeing has developed since 1966, when the 737-200 Convertible was launched.
The 737-700C allows airlines to alternate between passenger and cargo layouts on a daily, weekly or seasonal basis depending on market requirements.

40,000 lbs = 2 DC9s ! No reason to buy outdated junk with out cargo doors!!!

I think fightthefuture was just trying saying there is no cargo mod for the -700 (yet). It's a production cargo aircraft. The -700C program was launched a few years after the -700 for the Navy and the first one was not delivered until around 2000 (somewhere around that time). I don't know why he said it would not make a good cargo aircraft.

IMO, this was also launched by Boeing with UPS in mind by designing it as a mix class. It was around that time UPS was tinkering with being a passenger airline using convertibles. But that is just speculation on my part because the UPS pax airline was very short lived.

I don't doubt the rumor of the 737's may have some meat to it because KittyHawk has told the world they would consider a sale. The -700, more so the -700C, would be many many years down the road so that made the rumor hard to swallow as presented. I hope for ABX to purchase KittyHawk, but the odds of Astar buying them first are greater. Just out of the two carriers of course.

40,000 lbs = 2 DC9s ! No reason to buy outdated junk with out cargo doors!!!

no, last weeks press release proved the Das only buys outdated junk with cargo doors. :laugh: sorry, just had to have a smart@$$ reply to a smart@$$ statement.

 

[LarryinTN]

40,000 lbs = 2 DC9s

The DC9 carries between 33,000 and 37,000 pounds.

 

[erwaz]

Shooter,

You are right! The DAZ does buy out dated junk with doors! He also only seems to by aircraft he already has.

 

[hvydriver]

no, last weeks press release proved the Das only buys outdated junk with cargo doors. :laugh: sorry, just had to have a smart@$$ reply to a smart@$$ statement.

LOL good one, Shooter! You know, I can't wait to fly that DC8 that we bought! I'm sure it will feel different.