Atlas Air Worldwide closes loan with Industrial and Commercial Bank of China

Atlas Air Worldwide Holdings (AAWW) announced (16-Aug-2010) the closing of a loan with Industrial and Commercial Bank of China Limited (ICBC). Proceeds from the loan will be used to back leverage the Mar-2010 acquisition of a B757-200SF aircraft by Titan Aviation Leasing. Funds from the loan were provided pursuant to a commitment to advance up to approximately 70% of the purchase price of the aircraft. Titan Aviation Leasing has dry leased the aircraft to Shanghai Airlines for a five-year term. [more]