Tue, Mar. 31, 11:52 AM
- According to a filing from AerCap (AER -1.4%), AIG will sell its remaining 97.6M shares in the company (a 46% stake) at a maximum price of $43.74 each.
- AIG, of course, obtained the stake through its sale of ILFC to AerCap last year.
- For AerCap, the sale will remove a sizable overhang on the stock. For AIG, the $4B-plus raised will be nice firepower for buybacks.
- SEC Form F-3ASR
Mon, Feb. 23, 7:17 AM
Sun, Feb. 22, 5:30 PM
Tue, Jan. 20, 8:57 AM
- "We are just very disciplined with the money of our shareholders and will do what's best for them: whether it is paying down debt, buying airplanes or buying back shares," says AerCap (NYSE:AER) CEO Aengus Kelly, responding to a question as to whether the company might buy back all or part of its stock owned by AIG.
- Earlier headlines making the rounds described Kelly's comments as suggesting a stronger consideration of a buyback.
- AerCap has maintained its priority is reducing its debt loan during the ILFC integration, a strategy Kelly says is ahead of schedule.
Tue, Jan. 20, 8:13 AM
- To review, AIG is the owner of nearly 100M shares of AerCap (NYSE:AER) following its sale of ILFC in May 2014. AerCap's stock price has declined from about the $45 area at the time of the sale to $38 at the close on Friday, and Reuters reports the company is mulling repurchasing shares from AIG.
- AIG +1.3% premarket
Nov. 4, 2014, 8:01 AM
Nov. 3, 2014, 5:30 PM
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Aug. 12, 2014, 7:28 AM
- Q2 adjusted net income of $212.4M or $1.29 per share vs. $67.1M and $0.59 one year ago, thanks to the ILFC purchase.
- Net interest margin earned on lease assets of $550.8M vs. $160.1M. Net interest margin as a percent of average lease assets of 10.1% vs. 8.5%.
- Adjusted debt to equity ratio rises to 3.7:1 from 2.6:1 following the ILFC deal.
- AER +2.3% premarket - pleasing to AIG, the owner of nearly 100M shares, or 46% of AerCap.
- Conference call at 9 ET
- Previously: AerCap beats by $0.50, beats on revenue
Aug. 12, 2014, 7:15 AM
Aug. 11, 2014, 5:30 PM
Jul. 16, 2014, 8:22 AM
- An existing AerCap (NYSE:AER) Airbus A340-300 customer, Air Mauritius signs a letter of intent to lease two Airbus A350-900 aircraft. AerCap President Philip Scruggs: "The introduction of new A350-900s in 2017 will make Air Mauritius even more competitive on critical routes to Europe and Asia and will position the airline as a leader in African aviation."
- Press release
- A major AerCap owner with nearly 100M shares is AIG.
Jun. 25, 2014, 7:25 AM
- Resuming coverage of AerCap (AER) with a Buy rating and $54 price target (up from $27.40) following the closing of the ILFC purchase from AIG, Citigroup says it expects the deal to be "substantially value accretive."
- Yesterday, UBS initiated coverage with a Buy rating and $55 price target, also noting the move to Ireland which should cut the company's tax bill.
- AIG is the owner of nearly 100M share of AerCap.
May. 15, 2014, 3:25 PM
- AerCap (AER -2.7%) financed the cash portion of the purchase (closed yesterday) primarily with new debt issuance, significantly boosting leverage, says S&P's Betsy Snyder, downgrading the credit rating to BB+ from BBB- and removing the company from CreditWatch negative.
- "We expect the consolidated entity to generate solid cash flow and gradually decrease leverage following the merger, but we don't expect AerCap's debt leverage to return to previous levels for at least the next 18 to 24 months," she says.
- AIG is now the owner of nearly 100M shares of AerCap.
- Previously: AerCap rally means billions for AIG
May. 13, 2014, 9:30 AM
- AIG last December agreed to sell ILFC to AerCap (AER) for 97.6M shares in AerCap plus $3B cash. Since the deal's announcement, though AerCap has soared in price, putting the stock value of the sale at $4.6B vs. $2.4B on the day of the announcement.
- “This was an asset that no one thought they could sell,” says Bernstein's Josh Stirling. “They did sell it. They’re making $2 billion more.”
- Don't get too excited, says Charles Sebaski, noting the size of AIG's stake will be such that the insurer can't just turn around and unload it at the market price. AIG also must wait until nine months after the deal closes before selling any of its AerCap.
- What to do with the cash? Buybacks mostly, says Sebaski, unless AIG rallies so much as to make dividends more attractive than repurchasing shares.
May. 6, 2014, 8:23 AM
May. 5, 2014, 5:30 PM
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AER vs. ETF Alternatives
AerCap Holdings NV provides aircraft leasing & aviation finance services. Its activities also include aircraft asset management, corporate services, remarketing of aircraft, collecting rental, maintenance payments & monitoring aircraft maintenance.
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