Lessor Aircastle has announced new additions to its airline coverage team.
VAS Aero Services has bought a 777-200 aircraft from leasing firm Aircastle which it plans to disassemble.
Pratt & Whitney has signed memorandums of understanding (MOU) with Brazilian airline Azul and lessor Aircastle to provide engine maintenance for their future Embraer fleets.
Aircraft lessor, Aircastle, has increased the size of its existing unsecured, revolving credit facility to $600m from $450m.
BOC Aviation has named David Walton as its new chief operating officer (COO).
US firm Ball has named Michael Cave on its board of directors.
Cave, who served as president of Boeing Capital before retiring from the OEM after 31 years last March, is also a board member of lessor Aircastle.
Prior to that, he served as senior vice-president of business development and strategy for the corporation; and senior vice-president and general manager for Boeing's commercial airplane programs.
Lessor Aircastle has named Christopher Beers as its new general counsel.
Aircastle is to offer $300m in senior notes due 2018. It has filed a registration statement and prospectus with the Securities and Exchange Commission. The lessor plans to use the net proceeds of the offering for “general corporate purposes, including the purchase of aviation assets”. Citigroup Global Markets, Goldman Sachs, JP Morgan Securities and RBC Capital Markets are acting as joint book-running managers for the offering.
Aircastle has reported a 3Q net loss of $74.6m or $0.95 per diluted common share. The firm’s adjusted net loss was $69.1m, or $0.88 per diluted common share. However, operating and finance lease rental revenues to the end of September were $165.3m, an increase of 1.4 per cent on 2012. Net income during the period was $21m or $0.27 per diluted share, while adjusted net income was $26.5m or $0.34 per diluted share. Aircastle’s quarterly dividend also increased 21 per cent to $0.20 per share, which represented its thirtieth consecutive quarterly dividend.
Marubeni Corporation, one of Japan’s largest general trading companies, has taken a 15.25 per cent stake in the aircraft leasing company Aircastle for $209m. The transaction was announced on June 6, 2013 and closed on July 12, 2013 after having received regulatory approvals from the US and Germany. Marubeni has the right to elect two directors to Aircastle's board of directors. The first appointment will be made prior to August 14, 2013.