Atlas Air Worldwide to Refinance Existing Debt

Atlas Air Worldwide Holdings, Inc.

today announced its intention to issue redemption notices with respect to certain equipment notes funded by Enhanced Equipment Trust Certificates (EETCs) related to five Boeing 747-400 freighter aircraft. If completed, the proposed refinancing would reduce the company's cost of debt; provide greater flexibility in its capital structure; enhance the company's cash position; have a positive impact on current and future net income and earnings per share; and remove certain covenants, thereby adding strategic flexibility to the company's aircraft fleet. The refinancing would have no meaningful impact on the company's net leverage. This press release does not constitute notice of the company's intention to redeem the equipment notes related to its EETCs. Such a notice will be provided only by the company to the trustee with respect to such equipment notes. Any redemption of the equipment notes related to the EETCs is subject to the successful completion of the company's previously announced offering of convertible senior notes.