Airspeed Limited Amends Trust Indenture

NEW YORK, April 28, 2017 /PRNewswire/ --

Airspeed Limited ("Airspeed"), has successfully completed a solicitation of consents (the "Consent Solicitation") from the holders of its Class G-1, Class G-2 and Class C-1 Notes (collectively, the "Notes") to various amendments (the "Amendments") to the trust indenture dated as of June 27, 2007 (the "Indenture"), among Airspeed, as the issuer, The Royal Bank of Scotland plc, as the cash manager and operating bank, Deutsche Bank Trust Company Americas, as the trustee (the "Indenture Trustee"), the security trustee, the account bank, the paying agent and the registrar thereunder or under the Security Trust Agreement (as the case may be), Phoenix American Financial Services, Inc., as the administrative agent (the "Administrative Agent"), Ambac Assurance Corporation and Assured Guaranty Corp., as policy providers (each a "Policy Provider"), and Crédit Agricole Corporate and Investment Bank (f/k/a Calyon), as the Class G credit facility provider. The Amendments are described in the consent solicitation statement dated as of March 9, 2017 (the "Statement"). Capitalized terms not otherwise defined herein shall have the meanings set forth in the Indenture.

The consent from the holders of record of a majority of the Outstanding Principal Balance of the Notes, voting as a single class to approve the Amendments, has been received in the Consent Solicitation. Airspeed has executed a supplement to the Indenture to implement the Amendments with effect from April 28, 2017.

The Amendments, as described more fully in the Statement:

1. with the prior written consent of each Policy Provider, allow Airspeed to sell or otherwise dispose of aircraft without having to comply with the current restrictions on such sales and dispositions;
   
   
2. require that each Approved Appraiser be a member of ISTAT or, if ISTAT ceases to exist, any similar professional aircraft appraiser organization in which one of the previously delineated Approved Appraisers is a member;
   
   
3. reflect the replacement of The Royal Bank of Scotland plc, in its capacity as Operating Bank (and an Eligible Institution), with Sumitomo Mitsui Banking Corporation, add criteria for banks maintaining Irish VAT Refund Accounts, clarify that existing Accounts are Eligible Accounts and update the definition of "Eligible Institution" in order to conform with certain Rating Agency requirements;
   
   
4. expand the definition of "Permitted Encumbrance" to include certain consignments of aircraft parts;
   
   
5. adjust the Concentration Limits and allow Airspeed to renew any existing Leases with existing Lessees irrespective of the effect of such renewal or extension on the Concentration Limits;
   
   
6. remove the requirement that Airspeed obtain Rating Agency Confirmations prior to taking certain administrative actions under the Indenture, replacing it in some cases with a requirement that Airspeed provide prior notice of such actions to the Rating Agencies; and
   
   
7. make certain other changes of a technical or conforming nature to effect the foregoing.

The overall purpose of the Amendments, as described more fully in the Statement, is to (i) provide Airspeed with the flexibility to manage its portfolio, financial resources and expenses in a manner that better reflects the current market and other conditions affecting Airspeed and its portfolio and (ii) eliminate the time delay and costs associated with obtaining Rating Agency Confirmation for certain administrative actions by Airspeed.

Any questions concerning the Statement may be directed to Steve Welo (call direct: +1-763-252-1650, email: [email protected] ) or Clay Smith (call direct: +1-763-252-1654, email: [email protected] ) at R.W. Pressprich & Co., as Solicitation Agent.

For further information about Airspeed, please contact John McInerney of Airspeed's Administrative Agent at +353(0)61-475520.

SOURCE Airspeed Limited