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Air Transport Services Group prices $350 million convertible senior notes offering

August 11, 2023 /

WILMINGTON, Ohio (BUSINESS WIRE) – Air Transport Services Group, Inc. (NASDAQ: ATSG) today announced the pricing of its offering of $350,000,000 aggregate principal amount of 3.875% convertible senior notes due 2029 (the “notes”) in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The issuance and sale of the notes are scheduled to settle on August 14, 2023, subject to customary closing conditions. ATSG also granted the initial purchasers of the notes a 30-day option to purchase up to an additional $50,000,000 principal amount of notes.

The notes will be senior, unsecured obligations of ATSG and will accrue interest at a rate of 3.875% per annum, payable semi-annually in arrears on February 15 and August 15 of each year, beginning on February 15, 2024. The notes will mature on August 15, 2029, unless earlier repurchased, redeemed or converted. Before February 15, 2029, noteholders will have the right to convert their notes only upon the occurrence of certain events. From and after February 15, 2029, noteholders may convert their notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. ATSG will settle conversions in cash and, if applicable, shares of its common stock. The initial conversion rate is 31.2864 shares of common stock per $1,000 principal amount of notes, which represents an initial conversion price of approximately $31.96 per share of common stock. The initial conversion price represents a premium of approximately 42.5% over the last reported sale price of $22.43 per share of ATSG’s common stock on August 9, 2023. The conversion rate and conversion price will be subject to adjustment upon the occurrence of certain events.

The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at ATSG’s option at any time, and from time to time, on or after August 15, 2026 and on or before the 50th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of ATSG’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

Embraer Achieves 250th Business Jet Delivery Milestone in Latin America with Deliveries to Two First-Time Jet Buyers

September 22, 2020 /

Embraer today announced the delivery of a Phenom 100EV and a Phenom 300E to two separate Brazilian customers, marking the company’s 250th business jet delivery in Latin America. The Phenom 100EV was delivered to an undisclosed industrial company, which selected the aircraft to maintain crucial business operations during the COVID-19 pandemic. The Phenom 300E was delivered to AGROJEM, an agribusiness company.

“We are proud to deliver the ultimate experience in business aviation to two new valued customers from Embraer’s home country of Brazil,” said Michael Amalfitano, President & CEO of Embraer Executive Jets. “These deliveries are proof of the inherent value of business aviation, in that each company is purchasing their first business jet for the exclusive time efficiencies and cost savings, as well as the privacy, health, and safety benefits.”

“Due to our continuous expansion of operations, we made the decision to transition from a turboprop to the new Phenom 300E. With our previous aircraft, we flew 200 hours per year. Now, with the Phenom 300E, we expect to cover the same distance in just 120 hours per year, saving valuable time and resources,” said José Eduardo Motta, CEO of AGROJEM. “The Phenom 300E is truly a time-saving machine. Beyond reducing our travel time, the aircraft also creates the opportunity for continuous connectivity and the seamless ability to work in transit.”

A perfect distillation of the private jet experience, the Phenom 100EV is the most complete, single-pilot certified, entry-level jet in the industry. The aircraft features the tallest and widest cabin in its class, with the exclusive Oval Lite cross section, as well as the best baggage compartment in the category and an airstair typically seen only in larger categories of aircraft. Having delivered over 380 aircraft, the Phenom 100 is renowned for high utilization and low operating and maintenance costs, making it the ideal aircraft for first-time buyers.

The Phenom 300E is the fastest and longest-ranged, single-pilot certified, light jet in the industry. Capable of reaching Mach 0.80, the aircraft returns valuable time to its operator. The Phenom 300E offers unparalleled technology, comfort, and performance, including the industry’s first runway overrun awareness and alerting system (ROAAS), the best cabin pressurization in its class (6,600 ft. maximum cabin altitude), and a five-occupant range of 2,010 nautical miles with NBAA IFR reserves. With over 550 aircraft delivered, the Phenom 300 is the most successful business jet of the past decade. 

The Phenom jets are a preeminent example of the benefits of business aviation, especially in the COVID-19 era. Not only will both aircraft deliver point-to-point transport for the missions of their companies, the Phenoms are equipped with exclusive features for a healthy travel environment. The air management system on the Phenoms entirely cycles the air onboard every 2 minutes, and the interiors are designed with low-touch surfaces for the healthiest possible travel environment. Additionally, Embraer has tested and approved the use of MicroShield360 ― a preventative coating system that, when applied to aircraft interiors, continuously inhibits the growth of microbes on surfaces.

thyssenkrupp Sells Elevator Technology Business for €17.2 Billion

March 16, 2020 /
  • Consortium of bidders led by Advent, Cinven and RAG foundation
  • Sales proceeds pave the way for further transformation of thyssenkrupp
  • Cash inflow remains within the company
  • Buyers give far-reaching site and employment guarantees for tk Elevator
  • Closing and purchase price payment expected by the end of the current fiscal year 
  • Martina Merz: “With the sale of Elevator, thyssenkrupp can pick up speed again. We will reduce the company’s debt as far as is necessary and at the same time invest as much as is reasonable in its further development.”

thyssenkrupp sells its Elevator Technology business entirely to a consortium led by Advent, Cinven and RAG foundation. The respective Executive Board decision was approved on Thursday evening by the Supervisory Board of thyssenkrupp AG. The purchase agreement has been signed. Closing of the transaction is expected by the end of the current fiscal year. The purchase price is €17.2 billion. thyssenkrupp will reinvest part of the purchase price[1] (€1.25 billion) in a stake in the elevator business. The transaction is subject to merger control approvals, although thyssenkrupp does not expect the competent authorities to have any reservations. The proceeds from the transaction will remain within the company and are to be used to the extent necessary to strengthen the balance sheet. Alongside this, the proceeds shall be used to advance the development of the remaining businesses and the portfolio. As announced at the Annual General Meeting at the end of January, thyssenkrupp is proceeding the analysis phase so that a decision on the concrete use of funds can be taken in May.

Martina Merz, CEO of thyssenkrupp AG: “With the sale, we are paving the way for thyssenkrupp to become successful. Not only have we obtained a very good selling price, we will also be able to complete the transaction quickly. It is now crucial for us to find the best possible balance for the use of the funds. We will reduce thyssenkrupp’s debt as far as is necessary and at the same time invest as much as is reasonable in developing the company. With this, thyssenkrupp can pick up speed again.”

The sale of Elevator is a favorable solution not only for the company, its shareholders, customers and employees, but also for the elevator business itself. In the consortium, thyssenkrupp has found new owners for the elevator business who have extensive industrial expertise and offer the workforce a high degree of security. The buyers have a strong track record in profitably growing and nurturing companies to become global champions.

In negotiations with employee representatives and the IG Metall trade union, the buyers have committed to far-reaching site and employment guarantees. In addition, it was agreed that the buyers will continue to manage thyssenkrupp Elevator as a global group. The company will also remain based in Germany and employee co-determination will continue. That means the solution is in line with thyssenkrupp’s understanding of corporate and social responsibility.

“We are not pleased to part with our employees and the elevator business. Nevertheless, today is a good day for everyone involved. With this step, we are opening up real prospects for the future: for the elevator business as an independent company and, with the financial solidity we have gained, also for all other areas of thyssenkrupp,” Martina Merz added.

New Technology Creates Hyper Elevators That Can Go Sideways

Aston Martin Reveals Airbus ACH130 Aston Martin Edition Helicopter

January 6, 2020 /

Aston Martin (ARGGY) just can’t help but outdo itself. From its entry in Le Mans, to building James Bond cars that actually work, to Aston Martin-themed motorcycles, and even embracing the manual gearbox after everyone else abandoned it—it seems that the British luxury marque is always looking to do the unexpected.

For its next trick, Aston Martin announced a team-up with airplane and helicopter maker Airbus to unveil the ACH130 Aston Martin Edition, a stylish helicopter embellished with four different interior and exterior designs provided by Aston Martin.

Exterior options include Stirling Green, Xenon Grey, Ultramarine Black, and a color simply dubbed Arizona. For the cabin, buyers get to choose between Oxford Tan, Cormorant, Ivory, and Pure Black. Matching leather and Pure Black ultra-suede makes up the rest of the interior. Aston Martin badging is embossed on the leather headrests to further distinguish this special edition for the standard ACH130.

Click the link for the full story and more pics!

Germany to Hike Electric Car Subsidies as VW Launches Car

November 4, 2019 /

– Germany to expand electric car infrastructure

– German Chancellor asks industry to help with charging

– Volkswagen unveils start of production of its ID.3 electric car

BERLIN, Nov 4 (Reuters) – Germany plans to increase by half the grants available to buyers of electric cars over the five years from 2020, according to a government document seen by Reuters, the latest in a series of measures to speed the adoption of low-emissions vehicles.

According to the document, due to be discussed at a meeting of high-level government and car-company officials on Monday evening, grants for plug-in hybrids will rise from 3,000 to 4,500 euros. For vehicles priced over 40,000 euros the grants will rise to 5,000 euros.

The government wants to have 10 million electric vehicles on the roads by 2030, part of an offensive designed to turn round the German car industry’s perceived laggard status in e-mobility compared to its rivals in the United States and China.

The paper came to light on the day that Chancellor Angela Merkel gave a speech at Volkswagen’s Zwickau factory, where the German watched the carmaker start mass production of its ID.3 electric car, a vehicle costing around 30,000 euros.

“We can now say that Zwickau is a pillar of today’s German auto industry and of its future,” Merkel said at the launch. “Our task as politicians is to create a framework where new technological innovations can take hold.”

Merkel said the government would invest 3.5 billion euros ($3.90 billion) to 2035 in building charging stations for electric cars.

On Sunday she had said Germany needed 1 million charging stations by 2030 and urged carmakers and utility companies to play their part in helping to build the necessary infrastructure.

As part of an auto industry push, BMW plans to build 4,000 electric car charging stations, a source familiar with the discussions said on Monday.

In September, at the Frankfurt auto show, Europe’s carmakers warned governments that the EU rules could be disastrous for profits and jobs because mainstream customers were not buying electric vehicles.

German carmakers are accelerating plans to launch electric vehicles, under pressure from a European Union mandate to deliver a 37.5% cut in carbon dioxide emissions between 2021 and 2030, on top of a 40% cut in emissions between 2007 and 2021.

($1 = 0.8970 euros)

(Reporting by Markus Wacket in Berlin and Joern Poltz in Munich, writing by Thomas Escritt and Edward Taylor; editing by Paul Carrel)

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