NEWPORT BEACH, Calif.--()--Aviation Capital Group (ACG) announced today that it has closed on revolving credit facilities of $650 million to increase its liquidity and provide for flexibility in funding its aircraft delivery positions.
ACG closed a new three-year senior unsecured revolving credit facility for $375 million. The lenders for this facility are Credit Suisse AG, Deutsche Bank AG, Royal Bank of Canada, UBS Securities LLC and Wells Fargo Bank, N.A. Wells Fargo acted as Administrative Agent for this facility.
Coinciding with the close of this facility, ACG increased the commitment of its existing revolving credit facility to $275 million from $200 million with its existing lenders of BNP Paribas, S.A., Citibank, N.A., Credit Agricole - CIB, and JP Morgan Chase Bank, N.A.
"The closing of these facilities demonstrates the ability of ACG to access additional points of capital in a challenging market. ACG is very pleased with the bank group who supported this transaction and these facilities position the Company well in a period of significant growth. The support of the banking community is extremely important to ACG and we thank our partners for their support," says Bryan Billings, vice president of ACG.
About Aviation Capital Group:
ACG is the owner and manager of a diversified fleet of commercial jet aircraft leased to the world’s leading airlines. Its portfolio includes over 250 aircraft leased to approximately 90 airlines in 40 countries. ACG’s Capital Markets Group also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly-owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company.