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Atlas Air's N851GT In Everett, Washington Now In Service For Panalpina. (Photo: Boeing)

Atlas Air Worldwide Holdings, Inc. (Nasdaq: AAWW), a leading global provider of outsourced aircraft and aviation operating services, today announced that its Atlas Air, Inc. unit has taken delivery of a fifth Boeing 747-8 Freighter.

 Atlas Air's N851GT in Everett, Washington now in service for Panalpina. (Photo: Boeing)

Atlas Air's N851GT in Everett, Washington now in service for Panalpina. (Photo: Boeing)

It is the second aircraft of the type to be placed into service for Panalpina under a previously announced multiyear aircraft, crew, maintenance and insurance (ACMI) outsourcing contract.

The newest freighter will offer Panalpina, a Swiss-based global freight forwarding and logistics services provider, additional next-generation performance in payload, fuel efficiency, total cost per tonne-mile, and environmental compliance.

“With two 747-8 freighters now in service, Panalpina can further take advantage of increased capacity and revenue-generating capability while improving fuel efficiency and the ability to offer its customers a unique and highly flexible solution for time-definite airfreight,” said William J. Flynn, President and Chief Executive Officer.

Atlas Air expects to receive two additional 747-8Fs in 2012 and two in the first half of 2013 for a total of nine. As previously announced, Atlas has received a commitment from Apple Bank for Savings to finance the remaining deliveries, subject to customary conditions.

The acquisition of this latest 747-8F was financed in part with proceeds from a term loan and was subsequently refinanced by the issuance of $142.7 million of 12-year, secured bonds. These bonds, which are guaranteed by the Export-Import Bank of the United States, have been priced at 1.73% and are scheduled to close on July 31, 2012. BNP Paribas and KGS Alpha Capital Markets are acting as joint lead bookrunners.

About Atlas Air Worldwide:

Atlas Air Worldwide is the parent company of Atlas Air, Inc. (Atlas) and Titan Aviation Leasing (Titan), and is the majority shareholder of Polar Air Cargo Worldwide, Inc. (Polar). Atlas Air Worldwide also maintains a 49% interest in Global Supply Systems Limited (GSS). Through Atlas and Polar, Atlas Air Worldwide operates the world’s largest fleet of Boeing 747 freighter aircraft.

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