BankBoston Further Cements Its Commitment to Financing Facilities in Air Services and Business Aviation.BOSTON--(BUSINESS WIRE)--May 13, 1999-- -- Agents Three Significant Deals in First Quarter `99 -- In the first quarter of 1999, BankBoston (NYSE NYSE See: New York Stock Exchange : BKB BKB Basler Kantonalbank (Switzerland) BKB Black King Bar (gaming weapon) BKB BV Kwaliteitsverklaringen Bouw (Dutch) BKB BankBoston Corporation ) demonstrated its premiere capital markets capabilities by arranging three major financing transactions in the transportation services industry. "Developing strategic alliances in the transportation industry is an integral part of our overall mission," said Mary Etta Schneider, executive vice president and head Leveraged Finance. "It continues to be a very important sector in our specialized industry business." Executive Jet, Inc. A $250 million unsecured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility was provided to Executive Jet, the world's largest operator of private business jets. Executive Jet, the company that pioneered the idea of fractional aircraft ownership, was acquired by Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. in July, 1998. Worldwide Flight Services, Inc. BankBoston also provided a $90 million acquisition facility (revolving credit and term loan facility) to Worldwide Flight Services. Worldwide Flight Services, sponsored by Castle Harlan, acquired AMR (1) (Adaptive Multi-Rate) A variable rate speech codec selected by the 3GPP for the 3G evolution of the GSM cellphone system (WCDMA). Using the Algebraic CELP (ACELP) compression technology, AMR provides toll quality sound at transmission rates from 4.75 to 12. Services, a subsidiary of AMR Corp. AMR Services is one of the world's leading providers of ground services for more than 200 airlines at over 60 major airports in the US, Canada, the Caribbean, Europe and Asia. Mercury Air Group, Inc. An $80 million senior secured credit facility was provided to Mercury Air Group, a worldwide provider of aviation petroleum products, cargo services, aviation information technology and support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services to international and domestic commercial airlines, general aviation and U.S. government aircraft. "This sector is a vital part of the U.S. economy and BankBoston's Q1 performance demonstrates our commitment to this industry," said Richard Hawkins Sir Richard Hawkins (c. 1562 – April 17, 1622, London) was a 17th century English seaman, explorer and Elizabethan "Sea Dog", was the only son of Admiral Sir John Hawkins by his first marriage. , division executive, Transportation. BankBoston's transportation business is a leading provider and arranger of debt capital for shipping, rail, intermodal, logistics and trucking clients. BankBoston (NYSE: BKB), with assets of $75.7 billion and some 25,000 employees, is the nation's oldest commercial bank. BankBoston is engaged in consumer and business banking in New England; delivering sophisticated financial solutions to corporations and governments nationally and internationally; and full-service banking in leading Latin American markets. The Corporation's common stock is listed on the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and Boston stock exchanges. |
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