09 Jul 2018

Irish Aircraft Leasing Newsletter 9 July

Amedeo, Centerbridge and Reservoir Agree On Strategic Partnership Involving Intrepid Aviation Centerbridge and Reservoir have agreed to acquire a minority stake Amedeo as part of their continued investment strategy in the aviation industry. Amedeo will acquire the U.S. management subsidiary of Intrepid and will make a minority investment in Intrepid as part of a broader strategic partnership where Amedeo will provide management and aircraft support services to Intrepid. Intrepid, is to be rebranded in due course, and will continue to operate in Ireland. Avolon and Cinda Leasing sign Jade Aviation leasing JV agreement Bohai Capital stated its Avolon Holdings subsidiary and Cinda Leasing signed a JV agreement to establish Jade Aviation. Avolon will invest $17.2 million for a 20% stake in the JV and Cinda Financial Leasing will invest $68.6 million for the remaining 80% stake. In addition to the equity investment, Cinda will advance Jade $280 million loan to fund aircraft that will be acquired from Avolon. Avolon delivers one Airbus A320-NEO to Air India Avolon announced 7 July the delivery of one Airbus A320-NEO aircraft to Air India. This is the 11 Avolon aircraft on lease to Air India. DAE takes delivery of its first Boeing 737 MAX aircraft Dubai Aerospace Enterprise (DAE) Ltd announced 1 July that its leasing division, DAE Capital has taken delivery of its first new Boeing 737 MAX 8 aircraft on lease to Gol Linhas Aéreas, Brazil’s largest airline by passengers carried. The delivery took place at the Boeing delivery center in Renton, USA. In addition to being the first MAX aircraft to enter the DAE fleet, this delivery marks the first MAX aircraft to deliver to GOL and the first MAX aircraft to enter the fleet in Brazil. Ibec launches latest sector: Aircraft Leasing Ireland (ALI) Ibec, through Financial Services Ireland, announced 3 July the establishment of a new representative body, Aircraft Leasing Ireland (ALI), to ensure that Ireland retains its number one position globally in aircraft leasing. The Irish aircraft leasing industry supports 5,000 jobs and contributes over €550m annually to the local economy. ALI, which will be formally launched by the Minister for Finance, Paschal Donohoe, TD, at an event in Dublin is the first representative body specific to aircraft leasing and includes all of the major Irish-based aircraft leasing companies. Minister Donohoe welcomed the establishment of Aircraft Leasing Ireland saying “Ireland is a global leader in the aviation financing industry due in part to our extensive network of double taxation treaties, our specialist skilled staff and our focused support for the sector through, for example, the 2018 Action Plan for Ireland’s IFS2020 Strategy; where aviation finance has been identified as one of the priority areas. Ireland’s aviation sector has gone from strength to strength in recent years, and, as a former Minster for Transport, it has been a great source of pride to see the growth that has taken place, the number of jobs that have been created and the impact the industry has had on the wider economy. I wish Aircraft Leasing Ireland every success in growing this dynamic and evolving industry and further supporting its members in the years ahead.” SMBC Aviation Capital celebrates its first MAX SMBC Aviation Capital announced 5 July the delivery of its first Boeing 737 MAX 8 aircraft MSN 43706.The aircraft has been delivered to Aeromexico as part of a ten aircraft deal on purchase and leaseback, which also includes a PDP facility, previously announced in 2017. Mr Peter Barrett, Chief Executive Officer, SMBC Aviation Capital said, “This is an exciting announcement for SMBC Aviation Capital as it is our first delivery of the new generation Boeing 737 MAX. We continue to invest in new technology aircraft, which now make up 22% of our fleet, meaning that we have one of the youngest fleets in the market with an overall weighted average age of 4.5 years.” Stellwagen Group Appoints New Group CEO and Executive Chairman Stellwagen Group announced 2 July two major appointments in their senior management. David Butler, the Group Chief Operating Officer will become the new Group Chief Executive Officer, and Douglas Brennan, the founder and current Group Chief Executive Officer of Stellwagen Group, will transition to the role of Executive Chairman. These appointments will take place with immediate effect. Scott Corman and Eugene O’Reilly will continue as the CEOs of Stellwagen’s two operating divisions, Stellwagen Capital and Seraph Aviation. Acumen Aviation © 9 July All Rights Reserved.