Air Lease Corporation announces IPO; Hong Kong Aviation Capital gets new CEO.
Air Lease Corporation announced the launch of its initial public offering of 25 million shares of Class A Common Stock. The estimated offering price is between USD25.00 and USD28.00 per share. The company's Class A Common Stock has been approved for listing on the New York Stock Exchange under the symbol "AL". The underwriters have the option to purchase up to an additional 3,750,000 shares of Class A Common Stock to cover over-allotments.
HNA Group Company Limited (HNA) and Bravia Capital announced he appointment of Donal Boylan as the new CEO of Hong Kong Aviation Capital (HKAC), a subsidiary of HNA and a Bravia affiliate. The appointment is effective immediately. After focussing on stabilising the Allco portfolio, which HKAC acquired in Jan-2010, re-establishing its banking relationships as well as managing the remarketing and lease extensions of eight aircraft in 2010, HKAC is refocussed on the acquisition of new aircraft. The company expects to acquire up to 25 additional aircraft in 2011. Seven new A320 aircraft purchases have been finalised and three have recently been delivered to Wizz Air and Indigo Airlines.
In leasing stocks, shares in Aerocentury continued their sharp downward run, dropping 10.9%. In the past two days of trading, shares in the company have lost 18.2%.
Selected leasing company daily share price movements (% change): 04-Apr-2011
