AOG Investors OPS Portal PAARTSSM Store
X Facebook Instagram Linkedin YouTube

Press release

June 02, 2003

AAR Completes Additional Financing and Partial Repurchase Of 1993 7-1/4% Notes

WOOD DALE, Ill., /PRNewswire-FirstCall/ -- AAR (NYSE: AIR) today announced the completion of a $30 million secured revolving credit facility with Merrill Lynch Capital, a Division of Merrill Lynch Business Financial Services, Inc., bearing interest at LIBOR plus 300 basis points. The Company also announced the repurchase of $10 million and the exchange for new notes of $16.9 million of the 1993 7-1/4% Notes due October 15, 2003 in a privately negotiated transaction with a single holder. The $16.9 million of new notes bear interest at 8% per annum and are due ratably over 3 years commencing October 15, 2004. The balance outstanding on the Company's 1993 7-1/4% Notes is now $22.6 million.

Commenting on the transactions, AAR President and CEO David P. Storch said, "These transactions complete the second series of planned transactions to increase the Company's liquidity, replace expiring bank lines and retire the Company's 1993 7-1/4% Notes due October 15, 2003. We expect these transactions combined with anticipated future financings and internal cash generation initiatives to provide the Company with adequate liquidity to meet its maturing credit obligations and support its operations and growth initiatives."

AAR (NYSE: AIR) is the leading provider of aftermarket support to the worldwide aviation/aerospace industry. Products and services include customized inventory management and logistics programs, encompassing supply, repair and manufacture of spare parts and systems. Headquartered in Wood Dale, Illinois, AAR serves commercial and government aircraft fleet operators and independent service customers throughout the world. Further information can be found at www.aarcorp.com.

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 7, entitled "Factors Which May Affect Future Results", included in the Company's May 31, 2002 Form 10-K. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company's control. The Company assumes no obligation to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR's filings with the Securities and Exchange Commission.

SOURCE AAR CORP.

 

CONTACT: Timothy J. Romenesko, Vice President & Chief Financial Officer of AAR, +1-630-227-2090, tromenesko@aarcorp.com

Related news

See all SeeAll
AAR Doing It Right logo

Press release

September 26, 2024

AAR awarded five-year P-8A Poseidon engine overhaul contract by U.S. Navy

Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has been awarded a five-year indefinite delivery / indefinite quantity contract with an aggregate ceiling value of approximately $1.2 billion by the U.S. Navy’s Naval Air Systems Command (NAVAIR) to perform engine depot maintenance and repair for its P-8A Poseidon Aircraft fleet. This new award follows a recently announced award under which AAR will continue to perform P-8A airframe maintenance for the U.S. Navy.

AAR Doing It Right logo

Press release

September 23, 2024

AAR reports first quarter fiscal year 2025 results

Wood Dale, Illinois, September 23, 2024 — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, today reported first quarter fiscal year 2025 consolidated sales of $661.7 million and net income of $18.0 million, or $0.50 per diluted share. For the first quarter of the prior year, the Company reported sales of $549.7 million and a net loss of $0.6 million, or $0.02 per diluted share. Our adjusted diluted earnings per share in the first quarter of fiscal year 2025 were $0.85, compared to $0.78 in the first quarter of the prior year.

AAR Doing It Right logo

Press release

September 23, 2024

AAR awarded five-year contract to perform airframe maintenance for U.S. Navy’s P-8A Poseidon fleet

Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, has been awarded a five-year indefinite delivery / indefinite quantity contract with an aggregate ceiling value of approximately $1.2 billion by the U.S. Navy’s Naval Air Systems Command (NAVAIR) to perform P-8A Poseidon depot airframe maintenance and depot field team support for the U.S. Navy, government of Australia, and foreign military sales (FMS) customers.

AOG Investors OPS Portal PAARTSSM Store
logo

Our products

Airframe parts Engine solutions Distribution Mobility Systems AOG Contact nowContact
logo

Our services

Repair & Engineering

Airframe MRO Landing Gear Overhaul Component Services Wheels and Brakes Engineering Services

Integrated Solutions

Flight-hour support Consumables and Expendables Airinmar® Trax(SM)

Additional services

Sourcing, purchasing, and remarketing ASTRO Government contract vehicles
logo

About

Our CompanyOur Company

Locations Certifications Digital innovation

Doing It Right®Doing It Right®

Environmental, social, and governance Ethics and compliance

LeadershipLeadership

logo

Careers

US job openings Amsterdam job openings Thailand job openings Trois Rivières - Canada job openings United Kingdom job openings Windsor - Canada job openings
Employee experience Diversity, equity, and inclusion Military veterans EAGLE Pathway Program
logo

Newsroom

News Media resources
2024 Annual Report 2023 ESG Summary Report