INTREPID AVIATION CLOSES SECOND PDP FACILITY WITH CITI

Intrepid Aviation announced today the closing of a USD100mio revolving PDP (Pre-Delivery Payment) financing facility with Citi, covering a total of eight (8) A330 aircraft ordered from Airbus, delivering in 2014 and 2015. This is the second PDP financing facility Intrepid Aviation has concluded with Citi. It is an extension of an existing two (2) A330 aircraft PDP financing facility closed in October 2012.

“We are very excited about this additional, large financing commitment from Citi”, said Olaf Sachau, Intrepid’s Chief Financial Officer. “Citi has been a key adviser and supporter of Intrepid’s growth strategy early on for both, debt and equity funding. The facility will finance important cash flows of the business until the back end of our Airbus A330 forward order in 2015.”

“Citi is proud to support Intrepid Aviation through this financing facility,” said Tom Hollahan, Managing Director at Citi. “We look forward to continuing to work with Intrepid and its experienced management team as they execute on their growth strategy.”