Castlelake and Boeing announce collaboration for aircraft financing
MINNEAPOLIS, Dec 1 2020 / PRNewswire / – Castlelake, LP (“Castlelake”), a global private investment firm with 15 years of experience in financing and managing aviation assets, in conjunction with Boeing (NYSE: BA) and its subsidiary Boeing Capital Corporation, announced today hui a partnership to provide delivery financing solutions to commercial aircraft customers for new commercial aircraft deliveries.
Through this partnership, Castlelake will seek to provide up to $ 5 billion equity for deliveries of new Boeing commercial aircraft through secured senior finance, mezzanine finance and high loan value finance leases. Castlelake will have complete discretion over the transactions to be carried out and the conditions of these transactions. The duration of the partnership goes through December 31, 2022, and can be extended for another two years.
“We are delighted to be working with Boeing to provide efficient and tailor-made financing solutions to their customers while providing us with an excellent investment opportunity,” said Evan carruthers, chief investment officer and co-founder of Castlelake. “We believe aviation will continue to be vital to our global economy and we look forward to expanding our long-standing relationship with Boeing and its customers to navigate today’s environment.”
“Boeing Capital’s strategy has always been and remains to ensure that a range of effective financing solutions are available to customers who purchase our products,” said Tim myers, Chairman of Boeing Capital Corporation. “We have known and worked with the Castlelake team members for 15 years and are delighted to be able to partner with them on this important program. As the entire industry navigates through the global pandemic, partnerships like these are important steps in supporting stability and positioning for future opportunities. “
The financing partnership comes as Castlelake expands its aviation investment strategy to include aircraft loans. Having invested in various aviation business cycles since 2005 and with a team of over 60 dedicated professionals in underwriting, finance, engineering and other specialist disciplines, Castlelake believes it can deliver solutions for attractive and tailor-made capital to participants in the aviation industry, including airlines and other aircraft buyers. Castlelake’s Aviation Lending Strategy is led by Armin Rothauser, who joined the firm in November with over 20 years of experience in credit, lending and sustainable assets.
Castlelake, LP is a global private equity firm focused on investments in alternative assets, underperforming notes and special situations, and is an experienced leader in aircraft ownership and maintenance. With offices in Minneapolis, Dallas, new York, London, Dublin, Luxembourg and Singapore, the Castlelake team includes more than 200 experienced professionals. From September 30, 2020, Castlelake manages approximately $ 18.4 billion in assets, on behalf of its investors. For more information, please visit www.castlelake.com.
Boeing is the world’s largest aerospace company and the leading supplier of commercial aircraft, defense, space and security systems, and global services. As America’s leading exporter, the company supports commercial and government clients in more than 150 countries. Boeing Capital Corporation is a global provider of financing solutions. A wholly-owned subsidiary of The Boeing Company, Boeing Capital provides asset-backed loans and leases, with a focus on assets critical to the core operations of Boeing customers. Boeing Capital’s primary mission is to support other Boeing business units by ensuring that customers have the financing they need to purchase and take delivery of their Boeing products.
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SOURCE Lake of the Castle