Market Overview

Intrepid Aviation Announces the Closing of a Private Offering of $500 Million of Senior Unsecured Notes and the Completion of the Redemption of its Existing Senior Notes due 2019


Intrepid Aviation Group Holdings, LLC ("Intrepid") announced today that
it has completed its previously announced offering (the "Offering") of
senior notes due 2021 (the "Notes"). The Notes were co-issued by
Intrepid's wholly owned subsidiary, Intrepid Finance Co. (together with
Intrepid, the "Issuers"). The Notes were issued in an aggregate
principal amount of $500 million, will bear interest at a rate of 8.500%
per year, subject to adjustment in certain circumstances, and were
priced at par.

Intrepid used the net proceeds of the Offering, together with cash on
hand, to complete the previously announced redemption of all $515
million aggregate principal amount outstanding of the Issuers' 6.875%
Senior Notes due 2019 (the "Existing 2019 Notes").

The Issuers issued a conditional notice of redemption on July 11, 2018
with respect to the Existing 2019 Notes, which provided for the
redemption in full of the Existing 2019 Notes on August 10, 2018 at a
redemption price equal to par, plus accrued and unpaid interest to, but
excluding, the redemption date. The notice of redemption provided that
the redemption of the Existing 2019 Notes was subject to the
satisfaction or waiver of certain conditions at the sole discretion of
the Issuers, all of which were satisfied or waived by the Issuers today.

The Notes were offered and sold in a private transaction exempt from the
registration requirements of the Securities Act of 1933, as amended (the
"Securities Act"), to qualified institutional buyers in accordance with
Rule 144A under the Securities Act and to non-U.S. persons outside of
the United States pursuant to Regulation S under the Securities Act. The
Notes have not been and will not be registered under 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. 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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