Market Overview

Intrepid Aviation Announces the Launch of a Private Offering of $515 Million of Senior Unsecured Notes


Intrepid Aviation Group Holdings, LLC ("Intrepid") announced today that
it intends to offer senior notes due 2021 (the "Notes") in an aggregate
principal amount of $515 million in a private offering (the "Offering"),
subject to market conditions and other factors. The Notes will be
co-issued by Intrepid's wholly owned subsidiary, Intrepid Finance Co.
(together with Intrepid, the "Issuers").

Intrepid intends to use the net proceeds of the Offering, together with
cash on hand, to redeem in full the aggregate outstanding principal
amount of the Issuers' 6.875% Senior Notes due 2019 (the "Existing 2019
Notes"), of which $515,000,000 aggregate principal amount remain
outstanding, at par.

The Notes will be senior unsecured obligations of Intrepid and Intrepid
Finance Co. The Offering is subject to customary conditions, and there
can be no assurances that the Offering will be consummated.

The Issuers issued a conditional notice of redemption on July 11, 2018
with respect to the outstanding Existing 2019 Notes, which provides for
the redemption of the Existing 2019 Notes on August 10, 2018 at a
redemption price equal to par plus accrued and unpaid interest. This
press release shall not constitute a notice of redemption of the
Existing 2019 Notes. The redemption is being made solely pursuant to the
conditional notice of redemption provisions in the indenture governing
the Existing 2019 Notes and is subject to the conditions specified
therein, and the information in this press release is qualified in its
entirety by such notice.

The Notes have not been and will not be registered under the U.S.
Securities Act of 1933, as amended (the "Securities Act"), or the
securities laws of any other jurisdiction. As a result, they may not be
offered or sold in the United States or to any U.S. persons except
pursuant to an applicable exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. The
Notes will be offered only to qualified institutional buyers in the
United States pursuant to Rule 144A under the Securities Act and to
non-U.S. persons outside the United States under Regulation S under the
Securities Act.

This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities, nor shall there be any
sales of the Notes in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction.


This press release contains forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
involve uncertainties, risks and assumptions, since these statements
include information concerning Intrepid's possible or assumed future
results, business strategies, financing plans and potential growth
opportunities. These statements may be preceded by, followed by or
include the words "believes," "estimates," "expects," "projects,"
"forecasts," "may," "will," "should," "would," "could," "seeks,"
"plans," "scheduled," "assumes," "predicts," "contemplates," "continue,"
"anticipates" or "intends" or, in each case, their negative, or other
variations and similar expressions. Forward-looking statements speak
only as of the date they were made, and, except to the extent required
by law, Intrepid undertakes no obligation to update publicly or to
revise any forward-looking statements because of new information, future
events or other factors. In light of the risks and uncertainties
described above, the forward-looking events and circumstances discussed
herein might not occur and are not guarantees of future performance.
Intrepid's future results and performance may differ materially from
those expressed in its forward-looking statements.


Intrepid is a privately held commercial aircraft lessor. Intrepid and
its team of experienced professionals invest in and manage a fleet of
modern, in demand commercial jet aircraft on long-term lease to airline
customers worldwide. Intrepid is located in Stamford, Connecticut and
Dublin, Ireland.


Centerbridge Partners, L.P. is a private investment firm with offices in
New York City and London with approximately $28.0 billion in capital
under management as of March 31, 2018. Reservoir Capital Group, L.L.C.
was founded in 1998 and is a privately held investment firm with a
flexible, opportunistic investment approach and has approximately $4.0
billion in assets under management as of March 31, 2018. Amedeo Capital
Limited is a widebody aircraft asset manager with aviation assets of
more than $8.0 billion under management, as of March 31, 2018, after
giving effect to its partnership with Intrepid.

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