ASL Aviation Financing Fuels Fleet Expansion

Photo Credit: Don-vip, CC BY-SA 4.0 , via Wikimedia Commons

On April 6, Dublin-based ASL Aviation Holdings DAC closed a new credit arrangement facility overseen by Goldman Sachs.

Financing Fuels Fleet Expansion

The latest round of agreement will see US$155 million available to ASL to be injected within 15 months.

The new credit arrangement will be enabled by a secured term loan and Goldman Sachs to serve as the sole and only lead arranger and placement agent. Clifford Chance acted as legal counsel to ASL Aviation Holdings DAC. Milbank, on the other hand, served as legal counsel for the lenders.

The latest round of financing was made possible by ASL’s long-lasting relationship with Goldman Sachs following the announcement of a preliminary facility of US$125 million in April 2021. In July 2022, there is an increase in the credit arrangement to US$200 million.

Goldman Sachs oversaw the financing procedure. The new funds will allow ASL to continue growing its fleet renewal initiative, which enabled the cargo airline to ink 40 conversion slows with American aircraft manufacturer Boeing for its regional cargo workhorse, the 737-800BCF (Boeing Converted Freighter).


Group Chief Financial Officer, Mark O’Kelly commented on the latest round of financing: “With the aviation industry recovering from the financial turmoil caused by the pandemic, this agreement reflects the underlying strength of ASL Aviation Holdings, O’Kelly furthered: “This facility will be utilized solely for our continuing BCF program, and the indicative rate achieved demonstrates the strong confidence in the market for our fleet renewal plans and our expansion strategy.”

The airline has originally confirmed the slots with Boeing for 10 converted freighters. Now, the number of confirmed slots grows to 40. ASL is now the largest 737-800BCF operator, under ASL Airlines, in Belgium, Ireland, and France. The airline expects its 16th aircraft to be introduced into service later this month. 

Mark O’Kelly stated; “We are delighted with the support shown for our market plans and positioning by Goldman Sachs, a highly respected financial institution.”

He furthered: “Their belief and support for ASL’s development and positioning as a global market leader is heartening and an indication that we are on the right track as we develop our fleet to meet customer needs, while also significantly reducing our carbon emission footprint”.

ASL made an impressive acquisition this week when it bought Pionair, an Australian Airline.  Pionair Australia is the eighth airline in the ASL Group, and importantly, over time, the airline will be rebranded as ASL Airlines Australia. 

About ASL Airlines

ASL Aviation Holdings, headquartered in Dublin, Ireland is a global aviation services provider with eight airlines based in Europe, South Africa Asia, and recently Australia.

The airline is a world leader in ACMI airline operations and also runs ad charter cargo, passenger, and scheduled passenger services.

ASL Airlines, being the largest 737 BCF operator in the world, operates for the world’s leading parcel airlines, online retailers, and forwarders.

By Indy Udol 4 Min Read
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