Macquarie to acquire portfolio of aircraft
Macquarie Group Limited (MQG) announced that Macquarie Bank Limited (“MBL”) has entered into an agreement to acquire an aircraft operating lease portfolio from International Lease Finance Corporation (ILFC), a subsidiary of American International Group. Macquarie said MBL would acquire 47 aircraft for $US1.67 billion through existing cash reserves.
The investment bank said MBL would transfer to Macquarie AirFinance Limited (“MAF”), a global aircraft leasing company of which Macquarie owns 37.5%, with a further six aircraft to be taken by MAF.
Macquarie said the portfolio of aircraft comprises young, modern aircraft on lease to 35 airlines in 27 countries.
The company said Boeing 737 Next Generation and Airbus A320 Family aircraft make up more than 70% of the portfolio, while the remainder of the portfolio are in-production widebody aircraft.
Macquarie said it considers the credit quality of the lessees to be above average for an aircraft operating lease portfolio.
Macquarie Group chief financial officer, Greg Ward, said the transaction leverages the company’s existing expertise in asset leasing, demonstrates the strength of its aircraft management
capabilities and diversifies the client base of its aircraft fleet.
The company’s existing aircraft leasing business include Macquarie Asset Leasing Trust and MAF.
Macquarie said completion of the transaction is expected to occur over the remainder of CY10, subject to customary closing conditions.
At the close of trade Tuesday, Macquarie shares were trading at $50.00.
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