Stamford-based Aircastle Limited has, within a two day period, bought three major-league airliners and begun a $300 million securities offering.
Aircastle agreed to purchase and lease back three Airbus A330-200 aircrafts from Sri Lankan Airlines Ltd. The purchase and leaseback began with the first aircraft recently and will continue as the airline leases back the remaining two later this month, in accordance with the two companies”™ agreement. The sale and lease amounts were not disclosed.
“These A330s are modern and fuel efficient aircraft that play a key role in (Sri Lankan Airlines) growing long-haul operations,” said Ron Wainshal, CEO of Aircastle.
Aircastle acquires leases and sells high-utility commercial jet aircraft to airlines all over the world. Â As of March 31, Aircastle’s aircraft portfolio consisted of 129 aircraft and 59 lessees located in 33 countries. Only a day after buying the three airbuses for Sri Lankan, the company priced $300 million aggregate principal in unsecured notes due 2018.
Wainshal said the notes will be offered only to qualified institutional buyers, outside the U.S., in accordance with a regulation under the Securities Act of 1933. He said Aircastle plans to use the net proceeds of the private placement to repay all of its outstanding debts, and for general corporate purposes, including continuing to purchase more planes.
