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Aircastle Announces Closing Of Secondary Offering

Stocks in this article: AYR

STAMFORD, Conn., Aug. 13, 2012 /PRNewswire/ -- Aircastle Limited (NYSE: AYR) (the "Company") announced today the closing of the previously announced underwritten public offering of 9,250,000 common shares on behalf of certain funds managed by affiliates of Fortress Investment Group LLC.  As part of the offering, the Ontario Teachers' Pension Plan acquired 6,200,000 common shares of the Company.  Goldman, Sachs & Co. acted as underwriter for the offering.

The Company also announced the closing of the previously disclosed repurchase of 2,500,002 common shares of the Company from certain funds managed by affiliates of Fortress Investment Group LLC in a private, non-underwritten transaction at a cost of $28.5 million.

Wesley R. Edens, who served as Chairman of the Board, and the Company's Deputy Chairman Joseph P. Adams, both executives at Fortress Investment Group LLC, resigned from the Company's Board of Directors following the completion of Fortress's sale of its remaining stake in Aircastle.  

The Company also announced the appointment of Peter V. Ueberroth as Chairman of the Board.  Mr. Ueberroth has served on Aircastle's Board of Directors since August 2006.  He is currently, and has been since 1989, the Managing Director of Contrarian Group, Inc., an investment and management company.

Ron Wainshal, Aircastle's CEO, commented, "I would like to express the Board's gratitude to Wes, Joe and the Fortress team for their significant contributions to Aircastle's success. We are extremely fortunate Peter has agreed to serve as our Chairman.  He's been a valuable Board member since our IPO and we look forward to continuing to benefit from his significant experience, insight and leadership." 

Mr. Wainshal added, "I believe the 2.5 million share repurchase represents excellent value for our shareholders, and it highlights our commitment to deploy capital in an accretive and disciplined fashion.  I'm very excited about these developments, as they enhance the Company's position and build on our recent investment and capital markets successes."

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