AAR Completes Financing Agreement
WOOD DALE, Ill., /PRNewswire-FirstCall via COMTEX/ -- AAR (NYSE: AIR) today announced the completion of a new $35 million accounts receivable securitization facility with LaSalle Bank, N.A./ABN AMRO. This program replaces an expiring accounts receivable securitization facility as well as an expiring credit facility. This is the first in a series of planned financing transactions which, combined with the Company's current cash position and internal cash generation initiatives, are expected to provide adequate liquidity for the Company as it replaces its maturing credit arrangements, including the Notes due in October 2003.
In other news, the Company will release financial results for its third quarter of Fiscal 2003 before the market opens on Thursday, March 27. Following the earnings release, the Company will hold a conference call to discuss the results at 10:30 a.m. CST.
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 .
SOURCE AAR
CONTACT: Timothy J. Romenesko, Vice President & Chief Financial Officer, of AAR, +1-630-227-2090, tromenesko@aarcorp.com
Related news
See allJanuary 07, 2025
AAR reports second quarter fiscal year 2025 results
Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, reported today financial results for the fiscal year 2025 second quarter ended November 30, 2024.
December 23, 2024
AAR named one of America’s Most Responsible Companies 2025 by Newsweek
Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, is proud to announce it has been recognized by Newsweek as one of America’s Most Responsible Companies 2025. This prestigious award is presented in collaboration with Statista, the world-leading statistics portal and industry ranking provider. The awards list was announced earlier this month and can currently be viewed on Newsweek’s website.
December 20, 2024
AAR announces divestiture of non-core Landing Gear Overhaul business to optimize portfolio
Wood Dale, Illinois — AAR CORP. (NYSE: AIR), a leading provider of aviation services to commercial and government operators, MROs, and OEMs, announced today that it has entered into a definitive agreement to divest its Landing Gear Overhaul business to GA Telesis. The transaction is valued at $51 million and is expected to close in the first quarter of the 2025 calendar year, subject to customary and regulatory closing conditions. The divestiture will be immediately accretive to margins and earnings.