Aircastle

Aircastle is a commercial aircraft leasing and asset-management company headquartered in Stamford, Connecticut. Rather than operating scheduled passenger flights, it supplies aircraft and related asset-management capabilities to airline customers around the world. Its principal activity is the acquisition, ownership, leasing, management, and eventual sale of commercial jet aircraft. This business model gives airlines an alternative to purchasing aircraft directly and allows them to adjust fleet capacity, replace older aircraft, or enter new markets through leasing arrangements. The company was incorporated on October 29, 2004. Over time, Aircastle built a portfolio that included narrow-body and wide-body commercial aircraft, placing those assets with airline lessees in multiple countries. Its activities extend beyond signing initial leases. Aircraft lessors must assess aircraft values, lease duration, airline creditworthiness, maintenance condition, market demand, residual values, financing, and the timing of asset sales or re-leasing. Aircastle's operating model therefore combines aviation knowledge with financial and portfolio management. Aircastle has maintained an international operating footprint, with headquarters in the United States and offices in Dublin and Singapore. Publicly available information reported that, as of September 30, 2019, the company owned and managed 277 aircraft leased to 87 lessees in 48 countries. Portfolio size and composition are not static: aircraft can be acquired, placed with new customers, returned at lease expiry, re-leased, sold, or otherwise repositioned as market conditions change. The company was formerly a publicly traded corporation. Its shares traded on the New York Stock Exchange under the symbol AYR from August 2006 until March 2020. In November 2019, Aircastle entered into a merger agreement with Marubeni Corporation and Mizuho Leasing Company. The transaction was announced at US$32 per share and valued the company at approximately US$7.4 billion according to the cited reference material. Marubeni had previously been Aircastle's largest shareholder. The acquisition was completed on March 27, 2020, after which Aircastle became privately held. Aircastle's positioning is that of an institutional aircraft owner and lessor serving airlines and other aviation counterparties rather than a consumer-facing travel brand. Its value proposition centers on providing fleet access, transaction flexibility, and professional management of aircraft assets across their operating lives. The company continues to be associated with commercial aircraft leasing and related portfolio-management activities, although current fleet details, customer relationships, and management structures can change and should be checked against the company's latest disclosures.

Aircastle was incorporated on October 29, 2004, as an aircraft leasing company focused on commercial jet aircraft. Its business was built around acquiring aircraft, placing them with airline customers under lease agreements, managing those assets during their service lives, and selling or re-leasing them when appropriate. This model positioned Aircastle between aviation operating companies and financial asset managers: airlines used its aircraft to obtain fleet capacity without purchasing every airframe, while Aircastle managed ownership, financing, customer exposure, maintenance status, and residual-value risk. The company developed an international presence as its aircraft portfolio and customer base expanded. It maintained headquarters in Stamford, Connecticut, together with offices in Dublin and Singapore. Aircastle's portfolio included commercial aircraft serving airline customers in different regions and covered both narrow-body and wide-body categories. Public information reported that, as of September 30, 2019, Aircastle owned and managed 277 aircraft leased to 87 lessees in 48 countries. These figures describe a specific historical point rather than a permanent fleet size, since aircraft leasing portfolios change through purchases, deliveries, lease expirations, extensions, re-leasing, and sales. Aircastle became a public company in the United States. Its common stock traded on the New York Stock Exchange under the ticker AYR from August 2006 through March 2020. During its public-company period, the business was exposed to the broad factors affecting aircraft lessors, including airline financial health, aircraft supply and demand, interest rates, access to capital, maintenance and reconfiguration costs, geopolitical conditions, and the secondary-market value of commercial aircraft. On November 6, 2019, Aircastle reached a merger agreement with Marubeni Corporation and Mizuho Leasing Company. The announced consideration was US$32 per share, with an indicated company valuation of approximately US$7.4 billion. Marubeni had already been Aircastle's largest shareholder. The transaction was completed on March 27, 2020. Following completion, Aircastle became privately held and its NYSE listing ended. After privatization, Aircastle remained identified with commercial aircraft leasing and aviation asset management. Its core activities continue to involve aircraft ownership, leasing, portfolio administration, and disposition or redeployment of aircraft. Because private-company disclosures and fleet conditions can change over time, current aircraft counts, lessee lists, financial results, and executive appointments should be verified through the company's latest official materials before being treated as current.

• 2020

  Acquisition completed and company becomes private

  [1]Aircastleen.wikipedia.org

  The Marubeni and Mizuho Leasing acquisition closed on March 27, 2020. Aircastle became privately held and ended its NYSE listing.

• 2019

  Merger agreement announced

  [1]Aircastleen.wikipedia.org

  Aircastle agreed to be acquired by Marubeni Corporation and Mizuho Leasing Company for US$32 per share, implying a transaction valuation of approximately US$7.4 billion.

• 2006

  Public trading begins on the NYSE

  [1]Aircastleen.wikipedia.org

  Aircastle began trading on the New York Stock Exchange under the ticker symbol AYR.

• 2004

  Aircastle is incorporated

  [1]Aircastleen.wikipedia.org

  Aircastle was incorporated on October 29, 2004, establishing the aircraft leasing business that would acquire, own, lease, manage, and sell commercial aircraft.

A global business-to-business commercial aircraft lessor and aviation asset manager serving airline customers.

• Aircraft leasing

  Commercial aircraft leasing

  Aircastle leases commercial jet aircraft to airline customers. Leasing can allow an airline to add or replace fleet capacity without funding an outright aircraft purchase. The offering depends on aircraft selection, lease structuring, delivery and acceptance, customer credit assessment, maintenance and return conditions, and ongoing management of the aircraft throughout the lease term.

• Aviation asset management

  Aircraft asset management

  Aircastle manages aircraft as income-producing and tradable assets. Activities can include evaluating acquisitions, monitoring lessee and aircraft performance, coordinating maintenance requirements, managing lease transitions, arranging re-leasing, and determining when aircraft should be sold or otherwise repositioned. The service is directed at institutional aviation and airline counterparties rather than retail consumers.

• Aircraft disposition

  Aircraft remarketing and sales

  Aircraft leasing portfolios require periodic disposition of assets. Aircastle's business includes selling commercial aircraft and managing the transition of aircraft at or near the end of lease terms. Such transactions can involve re-leasing an aircraft to another airline, extending an existing lease, or selling the airframe and associated assets in response to market demand and portfolio objectives.

• 2019

  Agreement to pursue a take-private transactionM&A

  Background

  Aircastle was a publicly traded aircraft lessor, with Marubeni already identified as its largest shareholder. In November 2019, the company entered into an agreement under which Marubeni and Mizuho Leasing would acquire the outstanding shares.

  Action taken

  The parties agreed to a cash consideration of US$32 per share. The announced transaction value was approximately US$7.4 billion, subject to the terms and conditions of the merger agreement.

  Aftermath

  The transaction closed on March 27, 2020. Aircastle became privately held and its NYSE trading under AYR ended.

  Announced transaction value and per-share consideration. Publicly traded on the NYSE under AYR → Approximately US$7.4 billion transaction valuation; US$32 per share (2019 announcement; completed March 27, 2020)

  Source

• 2021.06.03

  Reported2021.06.03

  Aircastle announces pricing of Series A depositary share offering[3]Aircastle宣布A系列存托股份发行定价prnewswire.com

  Aircastle announced pricing of an offering of 400,000 depositary shares representing interests in its Series A preference shares. The offering was expected to close on June 8, 2021, subject to customary closing conditions.

• 2021.01.14

  Reported2021.01.14

  Aircastle reports financial results for the three months ended November 30, 2020[4]Aircastle公布截至2020年11月30日的三个月财务业绩prnewswire.com

  Aircastle reported financial results for the three-month period ended November 30, 2020, including total revenues of $180.9 million and net income of $2.7 million.

• 2020.08.05

  Reported2020.08.05

  Aircastle prices $650 million senior notes[5]Aircastle为6.5亿美元优先票据定价prnewswire.com

  Aircastle announced the pricing of its 5.250% senior notes due 2025 at an issue price of 99.057%. The offering was expected to close on August 11, subject to customary closing conditions.

• Unconfirmed

  Reported2020.03.31

  Aircastle merger with Marubeni- and Mizuho-backed entity completed[6]Aircastle与Marubeni及Mizuho支持的实体完成合并westfaironline.com

  Aircastle completed its previously announced $7.4 billion merger with an entity controlled by affiliates of Marubeni and Mizuho Leasing. Aircastle became an affiliate of MM Air and Marubeni Aviation Holding, and its common shares were set to cease trading on the New York Stock Exchange and be delisted.

• 2020.02.13

  Reported2020.02.13

  Aircastle reports 2019 annual and fourth-quarter results[7]Aircastle公布2019年度及第四季度业绩prnewswire.com

  Aircastle reported fourth-quarter 2019 net income of $47.3 million and full-year 2019 net income of $156.6 million.

Read more

1. 1Aircastleen.wikipedia.org
2. 2Aircastle official websiteaircastle.com
3. 3Aircastle宣布A系列存托股份发行定价prnewswire.com
4. 4Aircastle公布截至2020年11月30日的三个月财务业绩prnewswire.com
5. 5Aircastle为6.5亿美元优先票据定价prnewswire.com
6. 6Aircastle与Marubeni及Mizuho支持的实体完成合并westfaironline.com
7. 7Aircastle公布2019年度及第四季度业绩prnewswire.com
8. 8Aircastle Announces Pricing of $750 Million Aggregate Principal Amount of Senior Notesprnewswire.com