Pegasus Aviation Announces $400 Million Credit Facility.SAN FRANCISCO San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden -- Pegasus Aviation Finance Company Pegasus Aviation Finance Company is a US based aircraft lessor formed in 1988 and based in San Francisco. It is one of the world's largest commercial aircraft lessors, with a fleet of over 200 aircraft. It has owned Lockheed L-100-30 Hercules, c.n. (www.pegasusaviation.com), the world's largest privately-held, independent commercial aircraft lessor, has closed a $400 million revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility arranged, agented, and managed by DVB (Digital Video Broadcasting) An international digital television (DTV) standard that is the European and Far Eastern counterpart of the North American ATSC standard. Bank AG. The six-year facility will be used to finance Boeing and Airbus equipment on lease to Pegasus' global customer network, which includes over 80 airlines in over 45 countries. Seven major European and Asian financial institutions are participating in the facility alongside DVB Bank. "We are extremely excited to have this facility in place as we continue our growth program," remarked Richard S. Wiley, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "We have been actively acquiring aircraft over the past two years and we will continue to be one of the market's most active purchasers of next- and current-generation aircraft. This transaction enables us to broaden our funding base to include committed capacity with a strong and sophisticated group of lenders." "Pegasus is a strategic lessor partner for us. DVB and the syndicate of lenders in the facility have the utmost confidence in Pegasus' ability to make prudent aircraft investment decisions and manage its operating lease Operating Lease A lease contract that allows the use of an asset, but does not convey rights similar to ownership of the asset. Notes: An operating lease is not capitalized it is accounted for as a rental expense. portfolio," remarked Marc Cho, Vice President, DVB Bank. "We look forward to facilitating Pegasus' growth plans through this syndicated facility." Pegasus works in partnership with Oaktree Capital Management Oaktree Capital Management LLC is a US investment management corporation which operates a number of investment entities commonly known as hedge funds of approximately $40 Billion. (www.oaktreecapital.com), which has invested $250 million in Pegasus. Oaktree is a leading private investment firm, with over $27 billion in managed assets. Since March 2004, Pegasus and Oaktree have built an excellent portfolio of next-generation and current-generation Boeing and Airbus equipment on operating lease. Pegasus acquired over $1.5 billion in equipment during the fiscal year ended March 31, 2005 and maintains a growth target for fiscal 2006 exceeding $2.0 billion. Pegasus was founded in 1988, and has a total fleet of over 250 aircraft. For further questions, please contact Scott Weiss at 415-434-3900. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion