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Contact: Karen C. Cook |
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 Issued
by AerCap
February 1, 2006 Aircraft Leasing Company AerCap Completes Joint Venture with
LoadAir of Kuwait for 70 New A320
Family Aircraft AerCap, one of the world’s largest aircraft leasing, trading and asset management companies, has established a joint venture with LoadAir, a start-up aviation venture based in Kuwait, for the acquisition, management and marketing of its order of 70 new Airbus A320 family aircraft . The joint venture - named ‘AerVenture’ and based in Ireland - placed a firm order for the aircraft with Airbus in December 2005. AerCap had signed the letter of intent for the order during the Dubai Airshow in November 2005. AerCap will provide the complete asset management services for the 70- aircraft -portfolio including marketing, lease, technical, cash and administrative services. AerCap and LoadAir both hold a 50% stake in AerVenture. Klaus Heinemann, CEO of AerCap said: ”Through this transaction, AerCap has secured additional equity to support its portfolio expansion. The substantial order of new aircraft from Airbus has further strengthened AerCap’s position as a strong and fast-growing provider of the most modern single-aisle aircraft .” Sheikh Khalifa Al Sabah , Chairman of LoadAir stated that “We are very pleased to announce LoadAir’s acquisition of a stake in AerVenture, which brings us immediately into the ranks of the world’s larger aircraft leasing ventures. We are delighted to partner with Aercap and particularly on the Airbus A320 family, for which demand remains very strong.” Seabury Group LCC arranged the joint venture and acted as financial advisor to AerCap in connection with the transaction. Spectrum Capital London Limited advised the management and Board of LoadAir. AerCap AerCap, formerly known as debis AirFinance , provides aircraft leasing and related products to airlines and asset management services to third parties such as investors and banks. AerCap acts as servicer and/or administrative agent for several large aircraft securitisations. The Company is also actively involved in trading aircraft . AerCap currently has a total owned and managed fleet of 230 modern aircraft leased to 85 airlines in 45 countries. Headquartered at Amsterdam 's Schiphol Airport , AerCap has offices in Shannon , Ireland and Fort Lauderdale , Florida / United States . The Company is owned by affiliates of Cerberus Capital Management, L.P. LoadAir ‘LoadAir’ is the trading name adopted by International Cargo Airlines Company of Kuwait , which was floated in June 2005 in a heavily over-subscribed public IPO. It was promoted by prominent local sponsors, including members of the Kuwaiti ruling family and leading businessmen from companies such as the Al Fawares and Khorafi Groups and Dar Investment. LoadAir’s participation in AerVenture as lead investor on behalf of a number of local companies represents its first major transaction, although the company aims to be active in several other areas of the aviation industry ranging from cargo operations to freight handling facilities. | |
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