DP Aircraft I eyes $750,000 fundraiser, reports tight financial constraints
By Anthony O. Goriainoff
DP Aircraft I Ltd. said on Friday that due to the tight financial constraints it operates under, it plans to raise $750,000 via a tap show with its largest shareholder.
A tap issuance that allows borrowers to sell bonds or other short-term debt instruments based on previous debt issuances.
The British aircraft leasing group also said it had completed documentation for Thai Airways International’s PCL lease agreement on two planes.
The company said that under the new agreement, the power-by-the-hour agreement will remain in place until the end of 2022, and their lease extended for three years until December 2029. The company said that it retained the right of early termination in December. 2026.
The company also said it had reduced monthly lease payments from 2023 to 2026 to reflect current reduced market rates with a further reduction if the lease continued beyond 2026.
“Discussions will take place in due course with Thai lenders to determine the basis on which loan repayments and interest payments could be better scheduled to reflect the new lease agreement,” the company said.
Write to Anthony O. Goriainoff at [email protected]