AeroCentury Corp. announced the signing of a $75 million credit facility with a consortium of banks led by Union Bank, N.A. The credit facility can be increased to $110 million and expires on 4/21/2010.
AeroCentury Corp. said that the company drew down part of the new facility to pay down the previous credit facility that was due to expire on 4/30/2010.
Neal Crispin, the President of AeroCentury Corp., said, “Given that conditions in the global capital markets are still extremely challenging, we believe it is a significant accomplishment to have closed this new facility. We are pleased to have Union Bank as our new agent bank.”
AeroCentury Corp reported net income of $5.6 million, or $3.62 per diluted share in 2009, up strongly from the $3.2 million, or $2.08 per diluted share, in 2008. The company also reported an increase in revenues, from $8.1 million in 2008, to $8.6 million in 2009.
AeroCentury provides leasing and financing of aircrafts and engines to its customers under a triple net leasing arrangement. The company specializes in regional passenger aircraft, courier and cargo operations.