Alston & Bird client SunTrust Bank led a consortium of banks that provided $845 million in financing for Air Transport Services Group’s (ATSG) acquisition of Omni Air International and related entities.
The loan was part of a newly amended senior credit agreement with ATSG that provides for secured credit facilities in an aggregate principal amount of $1.28 billion, which includes a $545 million revolver, an existing term loan of $60 million, and a new $675 million term loan. The maturity date of these loans is May 30, 2023.
The amended facility includes an incremental feature that would allow ATSG to raise additional borrowings under the amended credit agreement of up to $400 million, assuming certain conditions are met, and provides for up to $500 million of additional debt by ATSG and its subsidiaries to be incurred outside of the amended facility. Certain financial covenants were also relaxed in connection with the amended credit facility.
Representing SunTrust Bank was an Alston & Bird team led by partner Rick Blumen, senior associate Antone Little, and associate Eric Ahlzadeh of the firm’s Finance Group.