Commercial aircraft lessor Intrepid Aviation provided details about its 2017 performance, which included maintenance of fleet metrics, an actively managed and diversified portfolio and the successful transition of aircraft.

2017 Highlights

• Delivered six A330-300s to Turkish Airlines (THY) between January and May. The transition of all seven A330s to THY, including the first aircraft delivered in December 2016, was accomplished on schedule and on budget.
• Signed long-term leases for two new B777-300ERs with Philippine Airlines (PAL) in March and delivered the aircraft on schedule in December, marking the successful conclusion of Intrepid’s 2014 purchase commitment with Boeing.
• Delivered two new B747-8 Freighter aircraft on long-term lease to AirBridgeCargo Airlines (ABC) in March and September.
• Pioneered the first lessor Aircraft Finance Insurance Consortium (AFIC) financings in connection with the two B747-8F aircraft.
• Placed long-term financing on three THY A330-300s with Deutsche Bank in July.
• Repaid a $120 million senior unsecured notes issuance upon maturity in July.
• Sold one Rolls-Royce powered A330-300 on long-term lease with Sichuan Airlines to China Minsheng Investment Group and one General Electric powered A330-300 on long-term lease with EVA Air plus one B777-300ER on long-term lease with PAL to Avation.
• Added new lending relationships including ING Capital and Greensill Capital.

Core Metrics

By September 30, 2017, the balance sheet grew to $3.5 billion in total assets. Likewise, the Intrepid portfolio remained one of the very youngest in the industry with a 3.4-year weighted average age and has one of the longest weighted average remaining lease durations at 8.3 years. At year end 2017, the fleet was 100% fully utilized with 30 aircraft on long-term lease to 13 airlines worldwide, with no unplaced aircraft commitments and only one lease maturity prior to 2022.

“Reflecting on 2017, the Intrepid team performed strongly across every facet of the business – acquisitions, divestments, placements, transitions, financings, portfolio and balance sheet management and, in turn, delivered very solid outcomes for our shareholders, customers and business partners,” said Doug Winter, CEO of Intrepid. “This team has the proven capability, experience and resiliency to perform and deliver results in all circumstances.”