PK AirFinance, a GECAS Company, Arranges and Closes Secured Loans on Embraer E170 Aircraft with Republic Airways Holdings
March 20, 2015
NORWALK, Conn., March 20, 2015 -- PK AirFinance, a GECAS Company, closed two separate senior debt facilities with Republic Airways Holdings Inc. (NASDAQ/NM: RJET)
PK AirFinance arranged $81 million in secured debt financing for Embraer 170LR aircraft in Republic’s fleet, holding the $66 million senior loan and a junior lender holding the $15 million tranche on the five-and-a-half year package.
Separately in late 2014, PK AirFinance closed a five-year, $30 million senior loan on Embraer 170LR aircraft in Republic’s fleet to refinance existing loans.
Based in Indianapolis, Indiana, Republic Airways is one of the country’s largest regional airlines. A longstanding GECAS customer, Republic operates about 240 aircraft and offers scheduled passenger service to about 100 cities in the U.S., Canada and the Caribbean through fixed-fee flights as American Eagle, US Airways Express, United Express and Delta Connection.
About PK AirFinance
PK AirFinance, a GECAS company, is a leading provider and arranger of asset-based financing of commercial aircraft, serving airlines, aircraft traders, lessors, investors, financial institutions and manufacturers in more than 40 countries for over 30 years.
GECAS is the U.S. and Irish commercial aircraft financing and leasing business of GE. It is the global leader in aircraft financing, offering the widest range of aircraft types from helicopters to narrow and widebody jets, and financing options including operating leases and secured debt financing. With 40+ years of industry experience, GECAS currently leases more than 1,570 aircraft to over 235 customers in 75 countries and also provides productivity solutions including spare engine leasing, aviation consulting services, and spare parts financing and management. A unit of GE Capital, GECAS stays close to its customers with offices in 24 cities around the world. (www.GECAS.com)
GECAS is the U.S. and Irish commercial aircraft financing and leasing business of GE. It is the global leader in aircraft financing, offering the widest range of aircraft types from helicopters to narrow and widebody jets, and financing options including operating leases and secured debt financing. With 40+ years of industry experience, GECAS currently leases more than 1,570 aircraft to over 235 customers in 75 countries and also provides productivity solutions including spare engine leasing, aviation consulting services, and spare parts financing and management. A unit of GE Capital, GECAS stays close to its customers with offices in 24 cities around the world. (www.GECAS.com)
GE (NYSE: GE) imagines things others don’t, builds things others can’t and delivers outcomes that make the world work better. GE brings together the physical and digital worlds in ways no other company can. In its labs and factories and on the ground with customers, GE is inventing the next industrial era to move, power, build and cure the world. www.ge.com
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