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Share Name | Share Symbol | Market | Type |
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Global Industrial Company | NYSE:GIC | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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-0.30 | -0.85% | 34.79 | 35.50 | 34.64 | 35.50 | 84,871 | 22:30:00 |
Avolon, the Irish aircraft lessor, Thursday said it has secured $300 million from a Singapore sovereign wealth fund to accelerate expansion and cement its position in Asia's fast-growing aviation market.
The equity placement marks a rare foray by a sovereign fund into the closely knit aircraft finance business and highlights efforts to diversify funding sources following a pullback by European banks from the sector in recent months.
The commitment from the Government of Singapore Investment Corp. also highlights the city-state's efforts to expand in specialized financial services, which have seen it lure aircraft lessors and financiers with supportive tax and legal moves.
Singapore's main investment arm, Temasek Holdings, held a minority stake in Singapore Aircraft Leasing Enterprise before being bought out in 2006 by Bank of China Ltd. (BACHY, 3988.HK, 601988.SH), which renamed the business BOC Aviation.
Dublin-based Avolon was launched last year with backing from three private-equity firms, and secured more funding earlier this year from a group of U.S. banks.
The company said the latest round boosted its total raised equity capital above $4 billion, which it has used to build a fleet of 88 planes, a portfolio seen rising to 150 by 2014.
-By Doug Cameron, Dow Jones Newswires; 312-750-4135; doug.cameron@dowjones.com
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