FREE SUBSCRIPTION Includes: The Advisor Daily eBlast + Exclusive Content + Professional Network Membership: JOIN NOW LOGIN
Skip Navigation LinksHome / News / Read News

Print

Lessor Aircastle Sells 15.3% of Shares to Marubeni

July 16, 2013, 06:51 AM
Filed Under: Mergers & Acquisitions
Related: Marubeni Group

Commercial aircraft lessor Aircastle has completed the sale of approximately 12.3 million common shares to Japanese trading and investment company Marubeni Corp.

The transaction represents 15.3% of Aircastle’s issued and outstanding common shares, and gives Marubeni the right to designate two appointees to the board of directors. Proceeds from the sale, based on $17/share, come to approximately $209.1 million.

According to Aircastle’s first-quarter results, as of March 31, the lessor closed or committed to acquire 10 aircraft for more than $450 million. Additionally, the company closed on the purchase of one Boeing 767-300ER subject to a finance lease. Aircraft sales and dispositions totaled $19.8 million, which resulted in a net gain on the sale of aircraft of $1.2 million. By the quarter’s close, Aircastle owned 158 aircraft, with a net book value of $4.7 billion. Net income for the first quarter was $23.1 million, down $9.5 million, or 29%.

Aircastle CEO Ron Wainshal said, “With this equity investment, Aircastle will be well positioned … to leverage Marubeni’s global presence and network to expand into new markets, business opportunities and funding sources.”







Comments From Our Members

You must be an Equipment Finance Advisor member to post comments. Login or Join Now.