Sunday 24 September 2017

Irish aviation leasing firm SMBC closes $500m sale of unsecured notes

Peter Barrett CEO of SMBC Aviation Capital. Photo: Damien Eagers
Peter Barrett CEO of SMBC Aviation Capital. Photo: Damien Eagers
Michael Cogley

Michael Cogley

Irish aviation leasing company SMBC Aviation Capital has closed the sale of $500m of its 2.65pc senior unsecured notes that are due in 2021.

Proceeds from the sale are to be used for corporate purposes, which the company said may include the purchase of new aircraft and the repayment of existing debts.

The company also announced that it surpassed $1bn in revenue for the first time in its history after the company's turnover increased by 15pc in the year ending March 31.

Operating profit at the company jumped 22pc to $530m while aircraft assets stood at over $10.2bn. SMBC's fleet comprises of 297 owned and 145 managed aircraft.

SMBC chief executive Peter Barrett said today's announcement highlights the company's commitment to different sources of funding.

"We have continued to expand our business across the world, particularly in Asia, which is a testament to both the strength of our strategy as well as our position as a global leader in this sector.

We are optimistic about our growth prospects over the longer term.  The continuing support of our shareholders, combined with our focus on our customers and providing them with the most technologically advanced aircraft, mean that we are well positioned to drive future growth," Mr Barrett said.

Online Editors

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