January 16, 2009
AAR Responds to Press Release From Moody's Investor Services
WOOD DALE, Ill., /PRNewswire-FirstCall/ -- AAR CORP. ("the Company") (NYSE: AIR) today responded to a press release from Moody's Investors Service ("Moody's") dated January 15, 2009 announcing the withdrawal of all ratings and rating outlook on the Company. Moody's stated that the withdrawal was for "business reasons," meaning that the action did not reflect a change in the Company's creditworthiness.
The Company has had a long-term relationship with Moody's under which it has paid to have Moody's provide a corporate family rating but has not engaged Moody's to rate any outstanding securities issued by the Company. Recently, Moody's informed the Company that it had changed policies and was no longer willing to provide a corporate family rating unless the Company also engaged it to rate a specific security issuance. Since the Company did not have a need for this additional and more expensive service it chose to suspend its relationship with Moody's.
Standard & Poor's Ratings Services continues to provide a corporate credit rating on the Company of BB with a stable outlook.
AAR is a leading provider of products and value-added services to the worldwide aerospace and defense industry. With facilities and sales locations around the world, AAR uses its close-to-the-customer business model to serve aviation and defense customers through four operating segments: Aviation Supply Chain; Maintenance, Repair and Overhaul; Structures and Systems; and Aircraft Sales and Leasing. More 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 1A, entitled "Risk Factors", included in the Company's May 31, 2008 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 update 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.
CONTACT: Richard J. Poulton, Vice President, Chief Financial Officer of AAR CORP., +1-630-227-2075, rpoulton@aarcorp.com
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Wood Dale, Illinois – AAR CORP. (“AAR” or the “Company”) (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today the pricing of an underwritten registered public offering of 3,000,000 shares of its common stock at a public offering price of $83.00 per share. The underwriters have a 30-day option to purchase up to an additional 450,000 shares from the Company at the public offering price. The Company estimates that the net proceeds from the offering, after deducting the underwriting discounts and commissions, will be approximately $239.0 million, or $274.9 million if the underwriters exercise their option to purchase additional shares in full. The shares are expected to be delivered on or about October 2, 2025, subject to customary closing conditions.
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Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today it has acquired American Distributors Holding Co., LLC (ADI), a leading distributor of components and assemblies, for $146 million in an all cash transaction funded using the Company’s existing revolving credit facility. The acquisition immediately expands AAR’s new parts Distribution with new additional product lines and extensive OEM relationships. The business will become part of AAR’s Parts Supply segment.
