NEW YORK--(BUSINESS WIRE)--GE Capital Aviation Services (GECAS) today announced that three of its aircraft financing transactions in 2009 were awarded "Deal of the Year" honors by AirFinance Journal.
The magazine named the US$500 million GE Capital Sukuk, the first Islamic financing closed by a U.S.-based company and the first involving a portfolio of aircraft and industry standard aircraft leases, as its "Innovative Deal of the Year." The transaction helps solidify GECAS' presence in the growing Middle Eastern region and helps further diversify its funding base across markets and investors. The trust certificates issued were structured in accordance with Sharia'h principles to allow investment by Islamic investors and provide a return based on interests in 15 aircraft and related leases to U.S.-based airlines, which are serviced by Sukuk Aviation Leasing, a GECAS entity. GE Treasury managed the offering.
The "Aircraft Trade of the Year" was awarded to GECAS and CDB Leasing Co., Ltd., a subsidiary of China Development Bank, for its acquisition of 15 aircraft from GECAS concluded on December 14, 2009. It was the first time a Chinese lessor had acquired a portfolio of aircraft on lease to non-Chinese airlines. The transaction was valued at approximately US$800 million.
GECAS shared recognition with American Airlines as the "Editor's Deal of the Year" for its US$1.6 billion purchase and lease-back of new Boeing 737-800s to modernize the American Airlines fleet and a US$282 million secured loan facility secured by 13 American aircraft. The transactions, announced September 17, 2009, provided additional liquidity for American Airlines.
The awards are selected by the magazine's editors working in conjunction with leading market professionals. Airfinance Journal has been recognizing key transactions for over 20 years. "Winning three awards in one year is an amazing achievement," says Alasdair Whyte, publisher of Airfinance Journal. "GECAS has a strong history of helping airlines at the bottom of the downturn and a strong GECAS is good for the whole industry."
GECAS was recognized at an awards dinner in New York in April and in the magazine's April 2010 issue.
About GE Capital Aviation Services (GECAS)
GECAS, the U.S. and Irish commercial aircraft financing and leasing business of GE, has a fleet of over 1,500 owned aircraft with approximately 245 airlines in over 75 countries, and it manages over 300 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also provides productivity solutions including spare engine leasing, spare parts financing and management. GECAS, a unit of GE Capital, has offices in 23 cities around the world.
GE is a diversified global infrastructure, finance and media company that is built to meet essential world needs. From energy, water, transportation and health to access to money and information, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at http://www.ge.com. GE is Imagination at Work.
Dan Whitney
GE Capital Aviation Services
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