Documentos de Académico
Documentos de Profesional
Documentos de Cultura
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Summary of Operating Lease Economics - 2002 Manufacture
(in US$)
A. Sale of Aircraft:
Aircraft (Manufacture Date) B737-800 (September 2002 Manufacture)
Lease Term 72 months
Assumed Closing Date 31-Dec-06
Expiration Date 31-Dec-12
Aircraft Purchase Price $47.000 mm (100.000% of Aircraft Purchase Price)
Less: Debt Security Deposit $9.720 mm (20.681% of Aircraft Purchase Price)
Net Cash Proceeds to Lessee $37.280 mm (79.319% of Aircraft Purchase Price)
Airclaims Current FMV as of 1-Aug-06 $37.280 mm
$2.556 mm
AVAC Current FMV as of 10-Nov-06 (HGW plus $0.750 mm winglets) $43.540 mm
B. Funding of Lessor
A Loan Funding $26.096 mm (55.523% of Aircraft Purchase Price)
B Loan Funding $9.720 mm (20.681% of Aircraft Purchase Price)
Total Loan Funding $35.816 mm (76.204% of Aircraft Purchase Price)
Equity Investment in Aircraft $11.184 mm (23.796% of Aircraft Purchase Price)
Equity Funded Transaction Costs $1.094 mm (2.328% of Aircraft Purchase Price)
Total Equity Investment $12.278 mm (26.123% of Aircraft Purchase Price)
Total Lessor Funding $48.094 mm (102.328% of Aircraft Purchase Price)
C. Equity Funded Transaction Costs
A Lender Participation Fee $0.078 mm (0.300% of A Loan Funding)
B Lender Participation Fee $0.046 mm (0.478% of B Loan Funding)
Lender Legal Counsel Fee $0.010 mm ($150,000 for Fifteen (15) Aircraft)
Arranger Fee $0.188 mm (0.400% of Aircraft Purchase Price)
RVI Premium $0.771 mm (5.750% of Base Term Loan Balloon)
Total Equity Funded Transaction Costs $1.094 mm (2.328% of Aircraft Purchase Price)
D. Net Equity Investment
Total Equity Investment $12.278 mm (26.123% of Aircraft Purchase Price)
Less: First Quarterly Advance Rent $2.556 mm (5.437% of Aircraft Purchase Price)
Net Equity Investment $9.722 mm (20.686% of Aircraft Purchase Price)
E. Lease
Term of Lease 72 months
Lease Expiry Date 31-Dec-12
Step 1 (years 0-4) Lease Rental
Step 1 Quarterly A Loan Debt Service $1,191,817 (2.536% of Aircraft Purchase Price)
Step 1 Quarterly B Loan Debt Service $715,541 (1.522% of Aircraft Purchase Price)
Step 1 Quarterly Equity Rent $648,162 (1.379% of Aircraft Purchase Price)
Total Step 1 Quarterly Lease Rental (in advance) $2,555,519 (5.437% of Aircraft Purchase Price)
Total Step 1 Monthly Equivalent Lease Rental (in advance) $851,840 (1.812% of Aircraft Purchase Price)
P&L Effects for 2007 (on average)
Less: Quarterly Interest Income on Debt Security Deposit $111,685 (0.238% of Aircraft Purchase Price)
Total Quarterly P&L Expense $2,443,834 (5.200% of Aircraft Purchase Price)
Total Monthly Equivalent P&L Expense $814,611 (1.733% of Aircraft Purchase Price)
Step 2 (years 4-6) Lease Rental
Step 2 Quarterly A Loan Debt Service $374,676 (0.797% 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) $374,676 (0.797% of Aircraft Purchase Price)
Total Step 2 Monthly Equivalent Lease Rental (in advance) $124,892 (0.266% of Aircraft Purchase Price)
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Lease Schedule - 2002 Manufacture, 6-Year Term
(in US$)
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
Effective Forward Sale Price - 2002 Manufacture, 6-Year Term
(in US$)
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
A Loan Schedule - 2002 Manufacture, 6-Year Term
(in US$)
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 4.00 6.528% 6.613%
1.500% 1.585%
31-Dec-06 (26,096,000) 0 (26,096,000) 26,096,000 0 0.00 (0) 3,335
(Closing Date)
31-Mar-07 1,191,817 425,912 765,905 25,330,095 26,521,912 0.0073 26,521,912 26,451,259
30-Jun-07 1,191,817 413,412 778,405 24,551,690 25,743,507 0.0149 25,743,507 25,677,063
30-Sep-07 1,191,817 400,708 791,109 23,760,581 24,952,398 0.0227 24,952,398 24,890,066
31-Dec-07 1,191,817 387,796 804,021 22,956,560 24,148,377 0.0308 24,148,377 24,090,058
31-Mar-08 1,191,817 374,674 817,143 22,139,417 23,331,234 0.0391 23,331,234 23,276,824
30-Jun-08 1,191,817 361,337 830,480 21,308,937 22,500,754 0.0477 22,500,754 22,450,144
30-Sep-08 1,191,817 347,783 844,034 20,464,903 21,656,720 0.0566 21,656,720 21,609,796
31-Dec-08 1,191,817 334,007 857,810 19,607,093 20,798,910 0.0657 20,798,910 20,755,554
31-Mar-09 1,191,817 320,007 871,810 18,735,283 19,927,100 0.0752 19,927,100 19,887,189
30-Jun-09 1,191,817 305,778 886,039 17,849,244 19,041,061 0.0849 19,041,061 19,004,468
30-Sep-09 1,191,817 291,317 900,500 16,948,744 18,140,561 0.0949 18,140,561 18,107,152
31-Dec-09 1,191,817 276,620 915,197 16,033,547 17,225,364 0.1052 17,225,364 17,195,000
31-Mar-10 1,191,817 261,683 930,134 15,103,414 16,295,231 0.1158 16,295,231 16,267,767
30-Jun-10 1,191,817 246,503 945,314 14,158,099 15,349,916 0.1268 15,349,916 15,325,205
30-Sep-10 1,191,817 231,074 960,743 13,197,356 14,389,173 0.1381 14,389,173 14,367,059
31-Dec-10 374,676 215,394 159,282 13,038,074 13,412,750 0.0244 13,412,750 13,393,071
31-Mar-11 374,676 212,794 161,882 12,876,192 13,250,868 0.0264 13,250,868 13,233,631
30-Jun-11 374,676 210,152 164,524 12,711,667 13,086,344 0.0284 13,086,344 13,071,555
30-Sep-11 374,676 207,467 167,209 12,544,458 12,919,134 0.0304 12,919,134 12,906,800
31-Dec-11 374,676 204,738 169,938 12,374,519 12,749,196 0.0326 12,749,196 12,739,320
31-Mar-12 374,676 201,964 172,712 12,201,807 12,576,484 0.0347 12,576,484 12,569,071
30-Jun-12 374,676 199,146 175,531 12,026,277 12,400,953 0.0370 12,400,953 12,396,008
30-Sep-12 374,676 196,281 178,396 11,847,881 12,222,557 0.0393 12,222,557 12,220,083
31-Dec-12 0 193,369 (193,369) 12,041,250 12,041,250 (0.0445) 12,041,250 12,041,250
(Payment Date)
31-Dec-12 12,041,250 0 12,041,250 0 12,041,250 2.7685
(Final Maturity Date)
Err:511
November 16, 2006
All-In IRR w/
RVI Premium
7.701%
2.673%
(158,731)
25,570,746
24,848,281
24,111,906
23,361,355
22,596,353
21,816,624
21,021,883
20,211,841
19,386,204
18,544,672
17,686,938
16,812,691
15,921,612
15,013,378
14,087,659
13,144,117
13,015,282
12,883,967
12,750,124
12,613,704
12,474,658
12,332,935
12,188,483
12,041,250
November 16, 2006
AIR BERLIN
Sales and Leveraged Operating Leasebacks of up to Fifteen (15) B737-800 Aircraft
B Loan Schedule - 2002 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 (9,720,000) 0 (9,720,000) 9,720,000 0 0.00 0 0
(Closing Date)
31-Mar-07 715,541 123,030 592,511 9,127,489 9,843,030 0.0152 9,843,030 9,802,063
30-Jun-07 715,541 115,530 600,010 8,527,479 9,243,020 0.0309 9,243,020 9,207,214
30-Sep-07 715,541 107,936 607,605 7,919,874 8,635,415 0.0469 8,635,415 8,604,463
31-Dec-07 715,541 100,245 615,296 7,304,579 8,020,119 0.0633 8,020,119 7,993,706
31-Mar-08 715,541 92,457 623,084 6,681,495 7,397,036 0.0801 7,397,036 7,374,837
30-Jun-08 715,541 84,570 630,970 6,050,525 6,766,065 0.0974 6,766,065 6,747,748
30-Sep-08 715,541 76,584 638,957 5,411,568 6,127,109 0.1150 6,127,109 6,112,330
31-Dec-08 715,541 68,496 647,044 4,764,524 5,480,065 0.1331 5,480,065 5,468,471
31-Mar-09 715,541 60,306 655,234 4,109,290 4,824,831 0.1517 4,824,831 4,816,061
30-Jun-09 715,541 52,013 663,528 3,445,762 4,161,303 0.1707 4,161,303 4,154,985
30-Sep-09 715,541 43,614 671,926 2,773,836 3,489,377 0.1901 3,489,377 3,485,129
31-Dec-09 715,541 35,110 680,431 2,093,405 2,808,946 0.2100 2,808,946 2,806,375
31-Mar-10 715,541 26,497 689,043 1,404,362 2,119,902 0.2304 2,119,902 2,118,606
30-Jun-10 715,541 17,776 697,765 706,597 1,422,137 0.2513 1,422,137 1,421,702
30-Sep-10 715,541 8,944 706,597 0 715,541 0.2726 715,541 715,541
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 2,093,405 2,093,405 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 - 2002 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 - 2002 Manufacture, 6-Year Term
(in US$)
12/31/2006 9,722,427 26,096,000 35,818,427 33,092,500 (2,725,927) 34,505,000 (1,313,427) 34,885,000 (933,427) 12/31/2006
3/31/2007 9,074,265 25,330,095 34,404,360 30,998,750 (3,405,610) 33,117,500 (1,286,860) 33,687,500 (716,860) 3/31/2007
6/30/2007 8,426,103 24,551,690 32,977,793 28,905,000 (4,072,793) 31,730,000 (1,247,793) 32,490,000 (487,793) 6/30/2007
9/30/2007 7,777,941 23,760,581 31,538,522 28,143,938 (3,394,585) 31,162,500 (376,022) 32,090,000 551,478 9/30/2007
12/31/2007 7,129,779 22,956,560 30,086,340 27,382,875 (2,703,465) 30,595,000 508,660 31,690,000 1,603,660 12/31/2007
3/31/2008 6,481,618 22,139,417 28,621,034 26,621,813 (1,999,222) 30,027,500 1,406,466 31,290,000 2,668,966 3/31/2008
6/30/2008 5,833,456 21,308,937 27,142,393 25,860,750 (1,281,643) 29,460,000 2,317,607 30,890,000 3,747,607 6/30/2008
9/30/2008 5,185,294 20,464,903 25,650,197 25,365,563 (284,634) 28,930,000 3,279,803 30,505,000 4,854,803 9/30/2008
12/31/2008 4,537,132 19,607,093 24,144,225 24,870,375 726,150 28,400,000 4,255,775 30,120,000 5,975,775 12/31/2008
3/31/2009 3,888,971 18,735,283 22,624,253 24,375,188 1,750,934 27,870,000 5,245,747 29,735,000 7,110,747 3/31/2009
6/30/2009 3,240,809 17,849,244 21,090,053 23,880,000 2,789,947 27,340,000 6,249,947 29,350,000 8,259,947 6/30/2009
9/30/2009 2,592,647 16,948,744 19,541,391 23,205,000 3,663,609 26,840,000 7,298,609 28,975,000 9,433,609 9/30/2009
12/31/2009 1,944,485 16,033,547 17,978,033 22,530,000 4,551,967 26,340,000 8,361,967 28,600,000 10,621,967 12/31/2009
3/31/2010 1,296,324 15,103,414 16,399,737 21,855,000 5,455,263 25,840,000 9,440,263 28,225,000 11,825,263 3/31/2010
6/30/2010 648,162 14,158,099 14,806,261 21,180,000 6,373,739 25,340,000 10,533,739 27,850,000 13,043,739 6/30/2010
9/30/2010 0 13,197,356 13,197,356 20,907,500 7,710,144 24,872,500 11,675,144 27,490,000 14,292,644 9/30/2010
12/31/2010 0 13,038,074 13,038,074 20,635,000 7,596,926 24,405,000 11,366,926 27,130,000 14,091,926 12/31/2010
3/31/2011 0 12,876,192 12,876,192 20,362,500 7,486,308 23,937,500 11,061,308 26,770,000 13,893,808 3/31/2011
6/30/2011 0 12,711,667 12,711,667 20,090,000 7,378,333 23,470,000 10,758,333 26,410,000 13,698,333 6/30/2011
9/30/2011 0 12,544,458 12,544,458 19,825,000 7,280,542 23,032,500 10,488,042 26,062,500 13,518,042 9/30/2011
12/31/2011 0 12,374,519 12,374,519 19,560,000 7,185,481 22,595,000 10,220,481 25,715,000 13,340,481 12/31/2011
3/31/2012 0 12,201,807 12,201,807 19,295,000 7,093,193 22,157,500 9,955,693 25,367,500 13,165,693 3/31/2012
6/30/2012 0 12,026,277 12,026,277 19,030,000 7,003,723 21,720,000 9,693,723 25,020,000 12,993,723 6/30/2012
9/30/2012 0 11,847,881 11,847,881 18,777,500 6,929,619 21,310,000 9,462,119 24,682,500 12,834,619 9/30/2012
12/31/2012 0 12,041,250 12,041,250 18,525,000 6,483,750 20,900,000 8,858,750 24,345,000 12,303,750 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 47,000,000
Arranger Fee 188,000 0.40%
Sale Price/Lessor's Cost 47,188,000
Airclaims Current Market Value 37,280,000
Step 1 Lease Rental 2,555,519 2,555,519 0.0000
Step 1 Lease Rental (Monthly) 851,840 1.812%
Step 2 Lease Rental 374,676
Step 2 Lease Rental (Monthly) 124,892
A Loan
Term 72 months
Periodicity Quarterly
A Loan Drawdown 26,096,000 70.0000%
A Loan Step 1 Debt Service 1,191,817 0.0000
A Loan Step 1 Balloon 13,412,750 65% <-- Goal Seek to Zero by changing A Loan Step 2
A Loan Step 2 Debt Service 374,676 0.0000 Debt Service
A Loan Step 2 Balloon 12,041,250 65%
B Loan
Term 69 months
Periodicity Quarterly
B Loan Drawdown 9,720,000 <-- Goal Seek to Zero by changing Loan Debt
B Loan Debt Service 715,541 0.0000 Service
B Loan Balloon 0
Transaction Costs
A Lender Participation Fee 78,288 0.30%
B Lender Participation Fee 46,425 0.0000 <-- Goal Seek to Zero by changing A2 Fee
Arranger Fee 188,000
Lender's Legal Fee 10,000 150,000
RVI Premium 771,233 5.75%
Total Transaction Costs 1,093,946
Equity Investment
Equity Investment 11,184,000 30.0000% <-- Goal Seek to Zero by changing Transaction
Transaction Expenses 1,093,946 0.0000 Expenses
Total Equity Investment 12,277,946
First Advanced Rent 2,555,519
Net Equity Investment 9,722,427
Step 1 Cash Rent 648,162 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 D-ABBF
Serial number 32917
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 2002
Utilisation:
Airframe hours 14781
Airframes cycles 7314
Utilisation data as of 1-Sep-10
Current Operator Air Berlin
Current Owner Air Berlin
Current Manager Air Berlin
Current Values:
$ millions Specification details
[Market Value] 37.28 Winglets
[Market Lease Rate]
[Base Value]
Base Lease Rate
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 37.28 37.28 37.28 37.28
Jun-07 31.73 32.49 28.2 28.91 0.28
Jun-08 29.46 30.89 25.23 25.86 0.27
Jun-09 27.34 29.35 22.26 23.88 0.26
Jun-10 25.34 27.85 19.29 21.18 0.25
Jul-10 25.18 27.73 19.17 21.09
Aug-10 25.03 27.61 19.06 21
Sep-10 24.87 27.49 18.94 20.91
Oct-10 24.72 27.37 18.82 20.82
Nov-10 24.56 27.25 18.7 20.73
Dec-10 24.41 27.13 18.59 20.64
Jan-11 24.25 27.01 18.47 20.54
Feb-11 24.09 26.89 18.35 20.45
Mar-11 23.94 26.77 18.23 20.36
Apr-11 23.78 26.65 18.12 20.27
May-11 23.63 26.53 18 20.18
Jun-11 23.47 26.41 17.88 20.09 0.25
Jul-11 23.32 26.29 17.77 20
Aug-11 23.18 26.18 17.66 19.91
Sep-11 23.03 26.06 17.55 19.83
Oct-11 22.89 25.95 17.44 19.74
Nov-11 22.74 25.83 17.33 19.65
Dec-11 22.6 25.72 17.22 19.56
Jan-12 22.45 25.6 17.11 19.47
Feb-12 22.3 25.48 17 19.38
Mar-12 22.16 25.37 16.89 19.3
Apr-12 22.01 25.25 16.78 19.21
May-12 21.87 25.14 16.67 19.12
Jun-12 21.72 25.02 16.56 19.03 0.24
Jul-12 21.58 24.91 16.46 18.95
Aug-12 21.45 24.8 16.35 18.86
Sep-12 21.31 24.68 16.25 18.78
Oct-12 21.17 24.57 16.15 18.69
Nov-12 21.04 24.46 16.04 18.61
Dec-12 20.9 24.35 15.94 18.53
Jan-13 20.76 24.23 15.84 18.44
Feb-13 20.63 24.12 15.73 18.36
Mar-13 20.49 24.01 15.63 18.27
Apr-13 20.35 23.9 15.53 18.19
May-13 20.22 23.78 15.42 18.1
Jun-13 20.08 23.67 15.32 18.02 0.23
2014 18.55 22.37 14.17 17.04 0.22
2015 17.12 21.13 13.08 16.09 0.22
2016 15.78 19.93 12.07 15.19 0.21
2017 14.53 18.78 11.13 14.32 0.2
2018 13.38 17.68 10.25 13.48 0.19
2019 12.3 16.62 9.44 12.68 0.19
2020 11.29 15.62 8.68 11.92 0.18
2021 10.36 14.65 7.97 11.19 0.17
2022 9.5 13.73 7.31 10.49 0.17
2023 8.7 12.86 6.71 9.82 0.16
2024 7.96 12.02 6.14 9.19 0.15
2025 7.27 11.23 5.62 8.59 0.15
2026 6.64 10.47 5.14 8.01 0.14
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
27-Oct-2006