Beruflich Dokumente
Kultur Dokumente
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Summary of Operating Lease Economics - 2003 Manufacture
(in US$)
A. Sale of Aircraft:
Aircraft (Manufacture Date) B737-800 (February 2003 Manufacture)
Lease Term 72 months
Assumed Closing Date 31-Dec-06
Expiration Date 31-Dec-12
Aircraft Purchase Price $45.000 mm (100.000% of Aircraft Purchase Price)
Less: Debt Security Deposit $6.220 mm (13.822% of Aircraft Purchase Price)
Net Cash Proceeds to Lessee $38.780 mm (86.178% of Aircraft Purchase Price)
Airclaims Current FMV as of 1-Aug-06 $38.780 mm
$2.384 mm
AVAC Current FMV as of 10-Nov-06 (HGW plus $0.750 mm winglets) $45.590 mm
B. Funding of Lessor
A Loan Funding $27.728 mm (61.617% of Aircraft Purchase Price)
B Loan Funding $6.220 mm (13.822% of Aircraft Purchase Price)
Total Loan Funding $33.948 mm (75.439% of Aircraft Purchase Price)
Equity Investment in Aircraft $11.052 mm (24.561% of Aircraft Purchase Price)
Equity Funded Transaction Costs $1.115 mm (2.477% of Aircraft Purchase Price)
Total Equity Investment $12.167 mm (27.038% of Aircraft Purchase Price)
Total Lessor Funding $46.115 mm (102.477% of Aircraft Purchase Price)
C. Equity Funded Transaction Costs
A Lender Participation Fee $0.083 mm (0.300% of A Loan Funding)
B Lender Participation Fee $0.030 mm (0.478% of B Loan Funding)
Lender Legal Counsel Fee $0.010 mm ($150,000 for Fifteen (15) Aircraft)
Arranger Fee $0.180 mm (0.400% of Aircraft Purchase Price)
RVI Premium $0.812 mm (5.750% of Base Term Loan Balloon)
Total Equity Funded Transaction Costs $1.115 mm (2.477% of Aircraft Purchase Price)
D. Net Equity Investment
Total Equity Investment $12.167 mm (27.038% of Aircraft Purchase Price)
Less: First Quarterly Advance Rent $2.384 mm (5.298% of Aircraft Purchase Price)
Net Equity Investment $9.783 mm (21.740% of Aircraft Purchase Price)
E. Lease
Term of Lease 72 months
Lease Expiry Date 31-Dec-12
Step 1 (years 0-3) Lease Rental
Step 1 Quarterly A Loan Debt Service $1,273,942 (2.831% of Aircraft Purchase Price)
Step 1 Quarterly B Loan Debt Service $457,887 (1.018% of Aircraft Purchase Price)
Step 1 Quarterly Equity Rent $652,208 (1.449% of Aircraft Purchase Price)
Total Step 1 Quarterly Lease Rental (in advance) $2,384,037 (5.298% of Aircraft Purchase Price)
Total Step 1 Monthly Equivalent Lease Rental (in advance) $794,679 (1.766% of Aircraft Purchase Price)
P&L Effects for 2007 (on average)
Less: Quarterly Interest Income on Debt Security Deposit $71,469 (0.159% of Aircraft Purchase Price)
Total Quarterly P&L Expense $2,312,568 (5.139% of Aircraft Purchase Price)
Total Monthly Equivalent P&L Expense $770,856 (1.713% of Aircraft Purchase Price)
Step 2 (years 3-6) Lease Rental
Step 2 Quarterly A Loan Debt Service $397,377 (0.883% of Aircraft Purchase Price)
Step 2 Quarterly B Loan Debt Service $0 (0.000% of Aircraft Purchase Price)
Step 2 Quarterly Equity Rent $0 (0.000% of Aircraft Purchase Price)
Total Step 2 Quarterly Lease Rental (in advance) $397,377 (0.883% of Aircraft Purchase Price)
Total Step 2 Monthly Equivalent Lease Rental (in advance) $132,459 (0.294% of Aircraft Purchase Price)
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Lease Schedule - 2003 Manufacture, 6-Year Term
(in US$)
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Effective Forward Sale Price - 2003 Manufacture, 6-Year Term
(in US$)
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
A Loan Schedule - 2003 Manufacture, 6-Year Term
(in US$)
A Loan Interest Principal After Debt Service Before Debt Service Average
Date Debt Service Payments Repayments Principal Balance Principal Balance Life IRR All-In IRR
A = B+C B C D E 3.98 6.528% 6.613%
1.500% 1.585%
31-Dec-06 (27,727,700) 0 (27,727,700) 27,727,700 0 0.00 (0) 3,880
(Closing Date)
31-Mar-07 1,273,942 452,543 821,399 26,906,301 28,180,243 0.0074 28,180,243 28,105,515
30-Jun-07 1,273,942 439,137 834,805 26,071,497 27,345,439 0.0151 27,345,439 27,275,186
30-Sep-07 1,273,942 425,513 848,430 25,223,067 26,497,009 0.0229 26,497,009 26,431,129
31-Dec-07 1,273,942 411,665 862,277 24,360,790 25,634,732 0.0311 25,634,732 25,573,117
31-Mar-08 1,273,942 397,592 876,350 23,484,441 24,758,383 0.0395 24,758,383 24,700,919
30-Jun-08 1,273,942 383,289 890,653 22,593,788 23,867,730 0.0482 23,867,730 23,814,301
30-Sep-08 1,273,942 368,753 905,189 21,688,599 22,962,541 0.0571 22,962,541 22,913,025
31-Dec-08 1,273,942 353,979 919,963 20,768,636 22,042,578 0.0664 22,042,578 21,996,847
31-Mar-09 1,273,942 338,965 934,977 19,833,658 21,107,600 0.0759 21,107,600 21,065,522
30-Jun-09 1,273,942 323,705 950,237 18,883,421 20,157,363 0.0857 20,157,363 20,118,799
30-Sep-09 1,273,942 308,196 965,746 17,917,675 19,191,617 0.0958 19,191,617 19,156,424
31-Dec-09 1,273,942 292,434 981,508 16,936,167 18,210,109 0.1062 18,210,109 18,178,137
31-Mar-10 1,273,942 276,415 997,527 15,938,640 17,212,582 0.1169 17,212,582 17,183,677
30-Jun-10 1,273,942 260,134 1,013,808 14,924,832 16,198,775 0.1280 16,198,775 16,172,774
30-Sep-10 1,273,942 243,588 1,030,354 13,894,478 15,168,420 0.1393 15,168,420 15,145,158
31-Dec-10 397,377 226,772 170,606 13,723,873 14,121,250 0.0246 14,121,250 14,100,553
31-Mar-11 397,377 223,987 173,390 13,550,482 13,947,860 0.0266 13,947,860 13,929,733
30-Jun-11 397,377 221,157 176,220 13,374,262 13,771,639 0.0286 13,771,639 13,756,090
30-Sep-11 397,377 218,281 179,096 13,195,166 13,592,543 0.0307 13,592,543 13,579,575
31-Dec-11 397,377 215,358 182,019 13,013,146 13,410,524 0.0328 13,410,524 13,400,142
31-Mar-12 397,377 212,387 184,990 12,828,156 13,225,534 0.0350 13,225,534 13,217,743
30-Jun-12 397,377 209,368 188,009 12,640,147 13,037,524 0.0373 13,037,524 13,032,328
30-Sep-12 397,377 206,300 191,078 12,449,069 12,846,446 0.0396 12,846,446 12,843,847
31-Dec-12 0 203,181 (203,181) 12,652,250 12,652,250 (0.0440) 12,652,250 12,652,250
(Payment Date)
31-Dec-12 12,652,250 0 12,652,250 0 12,652,250 2.7378
(Final Maturity Date)
Err:511
November 16, 2006
All-In IRR w/
RVI Premium
7.701%
2.673%
(171,678)
27,174,151
26,398,849
25,608,620
24,803,178
23,982,229
23,145,475
22,292,611
21,423,328
20,537,309
19,634,232
18,713,769
17,775,584
16,819,338
15,844,681
14,851,260
13,838,713
13,700,113
13,558,845
13,414,856
13,268,096
13,118,510
12,966,044
12,810,643
12,652,250
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
B Loan Schedule - 2003 Manufacture, 6-Year Term
(in US$)
B Loan Interest Principal After Debt Service Before Debt Service Average
Date Debt Service Payments Repayments Principal Balance Principal Balance Life IRR All-In IRR
A = B+C B C D E 2.06 5.063% 5.313%
0.000% 0.250%
31-Dec-06 (6,220,000) 0 (6,220,000) 6,220,000 0 0.00 0 0
(Closing Date)
31-Mar-07 457,887 78,729 379,158 5,840,842 6,298,729 0.0152 6,298,729 6,272,514
30-Jun-07 457,887 73,930 383,957 5,456,885 5,914,772 0.0309 5,914,772 5,891,859
30-Sep-07 457,887 69,070 388,817 5,068,068 5,525,955 0.0469 5,525,955 5,506,148
31-Dec-07 457,887 64,149 393,739 4,674,329 5,132,216 0.0633 5,132,216 5,115,314
31-Mar-08 457,887 59,165 398,722 4,275,607 4,733,494 0.0801 4,733,494 4,719,289
30-Jun-08 457,887 54,118 403,769 3,871,838 4,329,725 0.0974 4,329,725 4,318,003
30-Sep-08 457,887 49,007 408,880 3,462,958 3,920,845 0.1150 3,920,845 3,911,388
31-Dec-08 457,887 43,832 414,055 3,048,903 3,506,790 0.1331 3,506,790 3,499,372
31-Mar-09 457,887 38,591 419,296 2,629,607 3,087,494 0.1517 3,087,494 3,081,883
30-Jun-09 457,887 33,284 424,603 2,205,004 2,662,891 0.1707 2,662,891 2,658,849
30-Sep-09 457,887 27,910 429,977 1,775,027 2,232,914 0.1901 2,232,914 2,230,196
31-Dec-09 457,887 22,467 435,420 1,339,607 1,797,494 0.2100 1,797,494 1,795,849
31-Mar-10 457,887 16,956 440,931 898,676 1,356,563 0.2304 1,356,563 1,355,733
30-Jun-10 457,887 11,375 446,512 452,164 910,051 0.2513 910,051 909,772
30-Sep-10 457,887 5,723 452,164 (0) 457,887 0.2726 457,887 457,887
31-Dec-10 0 (0) 0 (0) (0) 0.0000 0 0
31-Mar-11 0 (0) 0 (0) (0) 0.0000 0 0
30-Jun-11 0 (0) 0 (0) (0) 0.0000 0 0
30-Sep-11 0 (0) 0 (0) (0) 0.0000 0 0
31-Dec-11 0 (0) 0 (0) (0) 0.0000 0 0
31-Mar-12 0 (0) 0 (0) (0) 0.0000 0 0
30-Jun-12 0 (0) 0 (0) (0) 0.0000 0 0
30-Sep-12 0 (0) 0 (0) (0) 0.0000 0 0
31-Dec-12 0 (0) 0 (0) (0) 0.0000 0 0
(Payment Date)
31-Dec-12 0 0 0 1,339,607 1,339,607 0.0000
(Final Maturity Date)
Err:511
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Debt Security Deposit Schedule - 2003 Manufacture, 6-Year Term
(in US$)
Err:511
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Equity Schedule - 2003 Manufacture, 6-Year Term
(in US$)
12/31/2006 9,783,126 27,727,700 37,510,826 35,420,000 (2,090,826) 36,165,000 (1,345,826) 36,570,000 (940,826) 12/31/2006
3/31/2007 9,130,917 26,906,301 36,037,219 33,740,000 (2,297,219) 34,857,500 (1,179,719) 35,465,000 (572,219) 3/31/2007
6/30/2007 8,478,709 26,071,497 34,550,206 32,060,000 (2,490,206) 33,550,000 (1,000,206) 34,360,000 (190,206) 6/30/2007
9/30/2007 7,826,500 25,223,067 33,049,568 31,152,500 (1,897,068) 32,942,500 (107,068) 33,930,000 880,432 9/30/2007
12/31/2007 7,174,292 24,360,790 31,535,083 30,245,000 (1,290,083) 32,335,000 799,917 33,500,000 1,964,917 12/31/2007
3/31/2008 6,522,084 23,484,441 30,006,524 29,337,500 (669,024) 31,727,500 1,720,976 33,070,000 3,063,476 3/31/2008
6/30/2008 5,869,875 22,593,788 28,463,663 28,430,000 (33,663) 31,120,000 2,656,337 32,640,000 4,176,337 6/30/2008
9/30/2008 5,217,667 21,688,599 26,906,266 27,620,000 713,734 30,552,500 3,646,234 32,222,500 5,316,234 9/30/2008
12/31/2008 4,565,459 20,768,636 25,334,094 26,810,000 1,475,906 29,985,000 4,650,906 31,805,000 6,470,906 12/31/2008
3/31/2009 3,913,250 19,833,658 23,746,909 26,000,000 2,253,091 29,417,500 5,670,591 31,387,500 7,640,591 3/31/2009
6/30/2009 3,261,042 18,883,421 22,144,463 25,190,000 3,045,537 28,850,000 6,705,537 30,970,000 8,825,537 6/30/2009
9/30/2009 2,608,833 17,917,675 20,526,509 24,470,000 3,943,491 28,315,000 7,788,491 30,570,000 10,043,491 9/30/2009
12/31/2009 1,956,625 16,936,167 18,892,792 23,750,000 4,857,208 27,780,000 8,887,208 30,170,000 11,277,208 12/31/2009
3/31/2010 1,304,417 15,938,640 17,243,057 23,030,000 5,786,943 27,245,000 10,001,943 29,770,000 12,526,943 3/31/2010
6/30/2010 652,208 14,924,832 15,577,041 22,310,000 6,732,959 26,710,000 11,132,959 29,370,000 13,792,959 6/30/2010
9/30/2010 (0) 13,894,478 13,894,478 22,017,500 8,123,022 26,212,500 12,318,022 28,982,500 15,088,022 9/30/2010
12/31/2010 (0) 13,723,873 13,723,873 21,725,000 8,001,127 25,715,000 11,991,127 28,595,000 14,871,127 12/31/2010
3/31/2011 (0) 13,550,482 13,550,482 21,432,500 7,882,018 25,217,500 11,667,018 28,207,500 14,657,018 3/31/2011
6/30/2011 (0) 13,374,262 13,374,262 21,140,000 7,765,738 24,720,000 11,345,738 27,820,000 14,445,738 6/30/2011
9/30/2011 (0) 13,195,166 13,195,166 20,857,500 7,662,334 24,252,500 11,057,334 27,445,000 14,249,834 9/30/2011
12/31/2011 (0) 13,013,146 13,013,146 20,575,000 7,561,854 23,785,000 10,771,854 27,070,000 14,056,854 12/31/2011
3/31/2012 (0) 12,828,156 12,828,156 20,292,500 7,464,344 23,317,500 10,489,344 26,695,000 13,866,844 3/31/2012
6/30/2012 (0) 12,640,147 12,640,147 20,010,000 7,369,853 22,850,000 10,209,853 26,320,000 13,679,853 6/30/2012
9/30/2012 (0) 12,449,069 12,449,069 19,737,500 7,288,431 22,412,500 9,963,431 25,960,000 13,510,931 9/30/2012
12/31/2012 (0) 12,652,250 12,652,250 19,465,000 6,812,750 21,975,000 9,322,750 25,600,000 12,947,750 12/31/2012
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Aircraft Sale
Aircraft Sale Price 45,000,000
Arranger Fee 180,000 0.40%
Sale Price/Lessor's Cost 45,180,000
Airclaims Current Market Value 38,780,000
Step 1 Lease Rental 2,384,037 2,384,037 0.0000
Step 1 Lease Rental (Monthly) 794,679 1.766%
Step 2 Lease Rental 397,377
Step 2 Lease Rental (Monthly) 132,459
A Loan
Term 72 months
Periodicity Quarterly
A Loan Drawdown 27,727,700 71.5000%
A Loan Step 1 Debt Service 1,273,942 0.0000
A Loan Step 1 Balloon 14,121,250 65% <-- Goal Seek to Zero by changing A Loan Step 2
A Loan Step 2 Debt Service 397,377 0.0000 Debt Service
A Loan Step 2 Balloon 12,652,250 65%
B Loan
Term 69 months
Periodicity Quarterly
B Loan Drawdown 6,220,000 <-- Goal Seek to Zero by changing Loan Debt
B Loan Debt Service 457,887 (0.0000) Service
B Loan Balloon 0
Transaction Costs
A Lender Participation Fee 83,183 0.30%
B Lender Participation Fee 29,708 0.0000 <-- Goal Seek to Zero by changing A2 Fee
Arranger Fee 180,000
Lender's Legal Fee 10,000 150,000
RVI Premium 811,972 5.75%
Total Transaction Costs 1,114,863
Equity Investment
Equity Investment 11,052,300 28.5000% <-- Goal Seek to Zero by changing Transaction
Transaction Expenses 1,114,863 0.0000 Expenses
Total Equity Investment 12,167,163
First Advanced Rent 2,384,037
Net Equity Investment 9,783,126
Step 1 Cash Rent 652,208 27% 0.0000
Step 2 Cash Rent 0
Dates
31-Dec-06
(Closing Date) 72.00
31-Mar-07
30-Jun-07
30-Sep-07
31-Dec-07
31-Mar-08
30-Jun-08
30-Sep-08
31-Dec-08
31-Mar-09
30-Jun-09
30-Sep-09
31-Dec-09
31-Mar-10
30-Jun-10
30-Sep-10
31-Dec-10
31-Mar-11
30-Jun-11
30-Sep-11
31-Dec-11
31-Mar-12
30-Jun-12
30-Sep-12
31-Dec-12
(Payment Date)
31-Dec-12
(Final Maturity Date)
As At:01/08/2006
Aircraft Valuation
Single Aircraft Value
Aircraft Details:
Registration number DABBH
Serial number 32919
Manufacturer Boeing
Type 737 (NG)
Variant 800 Series
Minor Variant 86J
Engine Manufacturer CFM International
Engine Type CFM56
Engine Variant 7B26
MTOW 167549 lb
Year of Build 2003
Utilisation:
Airframe hours 13182
Airframes cycles 6777
Utilisation data as of 1Sep10
Current Operator Air Berlin
Current Owner Air Berlin
Current Manager Air Berlin
Current Values:
$ millions Specification details
[Market Value] 38.78 Winglets
[Market Lease Rate] 0.36
[Base Value] 36.13
Base Lease Rate 0.3
Forecast Values:
Sustained Inflation Rate assumption: 2.5% p.a. (in US$ millions)
[Base Value] [Soft Market Value] Base Lease Rate
Year Constant Inflated Constant Inflated Nominal
Jun-06 38.78 38.78 38.78 38.78
Jun-07 33.55 34.36 31.31 32.06 0.29
Jun-08 31.12 32.64 27.12 28.43 0.28
Jun-09 28.85 30.97 23.48 25.19 0.27
Jun-10 26.71 29.37 20.32 22.31 0.26
Jul-10 26.54 29.24 20.2 22.21
Aug-10 26.38 29.11 20.07 22.12
Sep-10 26.21 28.98 19.95 22.02
Oct-10 26.05 28.85 19.82 21.92
Nov-10 25.88 28.72 19.7 21.82
Dec-10 25.72 28.6 19.57 21.73
Jan-11 25.55 28.47 19.45 21.63
Feb-11 25.38 28.34 19.32 21.53
Mar-11 25.22 28.21 19.2 21.43
Apr-11 25.05 28.08 19.07 21.34
May-11 24.89 27.95 18.95 21.24
Jun-11 24.72 27.82 18.82 21.14 0.26
Jun-12 22.85 26.32 17.41 20.01 0.25
Jul-12 22.7 26.2 17.3 19.92
Aug-12 22.56 26.08 17.19 19.83
Sep-12 22.41 25.96 17.08 19.74
Oct-12 22.27 25.84 16.97 19.65
Nov-12 22.12 25.72 16.86 19.56
Dec-12 21.98 25.6 16.75 19.47
Jan-13 21.83 25.48 16.64 19.37
Feb-13 21.68 25.36 16.53 19.28
Mar-13 21.54 25.24 16.42 19.19
Apr-13 21.39 25.12 16.31 19.1
May-13 21.25 25 16.2 19.01
Jun-13 21.1 24.88 16.09 18.92 0.24
2014 19.47 23.49 14.85 17.88 0.23
2015 17.94 22.16 13.7 16.87 0.22
2016 16.52 20.89 12.63 15.9 0.21
2017 15.2 19.66 11.63 14.98 0.21
2018 13.98 18.49 10.71 14.09 0.2
2019 12.84 17.37 9.84 13.24 0.19
2020 11.78 16.3 9.04 12.43 0.18
2021 10.79 15.28 8.29 11.66 0.18
2022 9.88 14.3 7.6 10.92 0.17
2023 9.04 13.38 6.96 10.22 0.16
2024 8.26 12.5 6.37 9.55 0.16
2025 7.54 11.66 5.82 8.91 0.15
2026 6.88 10.87 5.32 8.31 0.15
All values should be used or read in conjunction with the support information provided in the Glossary and Methodology sections on the V1
website.
Residual Confidence Levels
Air Berlin 737-800's
HGW / Winglets
Generic 737-800 Jun-2001-Built CFM56-7B2 169,000 lb MTOW (HGW)
AVAC AVAC AVAC AVAC Airclaims Airclaims Airclaims Airclaims AVITAS Airclaims Airclaims
BEST Mid Mid WRST Base Base Soft Soft Base Base Base
Inflated Inflated Constant Inflated Inflated Constant Inflated Constant Inflated Inflated Constant
2006 45.23 41.50 37.25 35.78 33.30 CMV ↑ ↑
2007 42.53 41.69 40.63 37.43 30.85 30.13 28.8 28.13 30.40 80% 95%
2008 42.21 40.57 38.35 35.02 29.37 28.01 25.6 24.42 29.10
2009 39.35 36.93 33.96 30.37 27.93 26.02 22.74 21.2 27.90
2010 35.55 32.56 29.21 25.48 26.53 24.15 20.19 18.4 26.70
2011 33.76 30.28 26.63 22.71 25.18 22.39 19.17 17.07 25.70
2012 32.34 28.41 24.45 20.43 23.88 20.74 18.18 15.83 24.60
2013 22.62 19.19
27-Oct-2006