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ASTAR Air Cargo today announced it has finalized terms to purchase
two DC-8-73 aircraft with long-range capabilities and a spare engine
currently leased from Bank of America's leasing division.
Acquisition financing to ASTAR has been arranged and is being provided
by HSH Nordbank AG, New York Branch. The aircraft are part of ASTAR's
current dedicated fleet assigned to DHL Express under a long-term ACMI
agreement expiring in 2019.
"ASTAR made the strategic decision to purchase these airplanes to
enhance our position as a provider of airlift services for our primary
customer, DHL Express," said Steven A. Rossum, Executive Vice
President and Chief Financial Officer of ASTAR. "Less than a year ago,
HSH arranged and provided the financing to enable ASTAR to complete
the acquisition of 20 Boeing 727-200A Freighters. This newest
acquisition of aircraft is consistent with our business growth
strategy to lower our costs and enhance our competitiveness. I would
like to thank HSH Nordbank and Bank of America, for their roles in
enabling ASTAR to carry out this important transaction."
About ASTAR Air Cargo, Inc.
ASTAR Air Cargo, Inc. is the operating subsidiary of ASTAR Air
Cargo Holdings, LLC. ASTAR Air Cargo is a licensed U.S. air carrier
operating a fleet of 44 aircraft from its operational hub in
Wilmington, Ohio. The airline provides all-cargo scheduled and charter
services on a contract basis for the DHL Worldwide Express network and
charter services on a contract basis for other customers including the
U.S. military and the United States Postal Service. ASTAR Air Cargo is
a participant in the United States Civil Reserve Air Fleet program
supporting our national defense. Additional information can be found
at www.astaraircargo.us.
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