Obbligazione Skycastle Ltd 4.25% ( US00928QAS03 ) in USD

Skycastle Ltd

98.07 USD ▼

Stati Uniti

US00928QAS03 ( in USD )

4.25% per anno ( pagato 2 volte l'anno)

14/06/2026

Prospetto opuscolo dell'obbligazione Aircastle Ltd US00928QAS03 en USD 4.25%, scadenza 14/06/2026

2 000 USD

650 000 000 USD

00928QAS0

BBB- ( Lower medium grade - Investment-grade )

Baa3 ( Lower medium grade - Investment-grade )

15/06/2025 ( In 35 giorni )

Aircastle Ltd è una società di leasing di aeromobili con sede negli Stati Uniti che fornisce a compagnie aeree e altre imprese del settore aereo una vasta gamma di aeromobili commerciali.

The Obbligazione issued by Skycastle Ltd ( United States ) , in USD, with the ISIN code US00928QAS03, pays a coupon of 4.25% per year.
The coupons are paid 2 times per year and the Obbligazione maturity is 14/06/2026

The Obbligazione issued by Skycastle Ltd ( United States ) , in USD, with the ISIN code US00928QAS03, was rated Baa3 ( Lower medium grade - Investment-grade ) by Moody's credit rating agency.

The Obbligazione issued by Skycastle Ltd ( United States ) , in USD, with the ISIN code US00928QAS03, was rated BBB- ( Lower medium grade - Investment-grade ) by Standard & Poor's ( S&P ) credit rating agency.

Final Prospectus Supplement
https://www.sec.gov/Archives/edgar/data/1362988/00011931251917141...
424B2 1 d686979d424b2.htm FINAL PROSPECTUS SUPPLEMENT
Table of Contents
Filed pursuant to Rule 424(b)(2)
Registration No. 333-224813
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed Maximum
Title of Each Class of Securities
Amount to be
Aggregate Offering
Aggregate Offering
Amount of
to be Registered
Registered
Price Per Unit
Price(1)
Registration Fee(1)
4.250% Notes due 2026
$650,000,000
99.515%
$646,847,500
$78,397.92
(1)
Calculated in accordance with Rule 456(b) and 457(r) under the Securities Act of 1933, as amended.
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Prospectus Supplement to Prospectus dated May 9, 2018
$650,000,000
Aircastle Limited
4.250% Senior Notes due 2026
We are offering $650 million aggregate principal amount of 4.250% Senior Notes due 2026 (the "notes"). The notes will bear interest at a rate of
4.250% per annum. The notes will mature on June 15, 2026. Interest will accrue on the notes from June 13, 2019. Interest on the notes is payable on
June 15 and December 15 of each year, commencing on December 15, 2019.
We may redeem some or all of the notes at any time prior to April 15, 2026 (two months prior to maturity) by paying a specified "make-whole"
premium, plus accrued and unpaid interest, if any, to the redemption date, as described in this prospectus supplement. On and after April 15, 2026 (two
months prior to maturity), we may redeem some or all of the notes at a redemption price of 100% of the principal amount of the notes to be redeemed,
plus accrued and unpaid interest, if any, to the redemption date. See "Description of the Notes--Optional Redemption." If we experience a change of
control triggering event as described in this prospectus supplement under "Description of the Notes--Repurchase at the Option of the Holders--Change
of Control," holders of the notes will have the right to require us to repurchase the notes under the terms set forth herein, plus accrued and unpaid
interest, if any, to the date of purchase.
The notes will be our unsecured senior obligations, will rank equally in right of payment with all of our existing and future senior debt (including
our existing senior notes) and will rank senior in right of payment to all of our future subordinated debt. The notes will be effectively junior in right of
payment to all of our existing and future secured debt to the extent of the assets securing such debt, and structurally subordinated to all existing and
future indebtedness and other liabilities of our subsidiaries that do not guarantee the notes. The notes will not initially be guaranteed by any of our
subsidiaries or any third party.
Investing in the notes involves risks. See "Risk Factors" beginning on page S-15 of this prospectus supplement and
page 2 of the accompanying prospectus and those risk factors incorporated by reference into this prospectus supplement
and the accompanying prospectus from our Annual Report on Form 10-K for the year ended December 31, 2018.
Neither the Securities and Exchange Commission (the "SEC" or "Commission"), the Registrar of Companies in Bermuda, the Bermuda
Monetary Authority, nor any state securities commission has approved or disapproved of these securities or determined if this prospectus
supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
Per
Note
Total
Public offering price(1)
99.515%
$ 646,847,500
Underwriting discount
0.625%
$
4,062,500
Proceeds, before expenses, to us
98.890%
$ 642,785,000
(1)
Plus accrued interest, if any, from June 13, 2019 if settlement occurs after that date.
The notes will not be listed on any securities exchange.
We expect that delivery of the notes will be made to investors in book-entry form through The Depository Trust Company ("DTC") on or about
June 13, 2019.
Joint Book-Running Managers
J.P. Morgan
BNP PARIBAS
Credit Agricole CIB
Wells Fargo Securities
Prospectus Supplement dated June 10, 2019
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This prospectus supplement and the accompanying prospectus are part of a "shelf" registration statement that we filed with the SEC.
Under this shelf registration process, we may sell the securities described in the accompanying prospectus at our discretion in one or more
offerings. You should read (i) this prospectus supplement, (ii) the accompanying prospectus, (iii) any free writing prospectus prepared by or on
behalf of us or to which we have referred you and (iv) the documents incorporated by reference herein and therein that are described in this
prospectus supplement and the accompanying prospectus under the heading "Where You Can Find More Information."
Consent under the Exchange Control Act of 1972 (and its related regulations) has been granted by the Bermuda Monetary Authority for
the issue and transfer of securities of Bermuda companies (other than certain equity securities) to and between non-residents of Bermuda for
exchange control purposes, which includes the notes. Neither the Bermuda Monetary Authority nor the Registrar of Companies in Bermuda
accepts any responsibility for our financial soundness or the correctness of any of the statements made or opinions expressed in this prospectus
supplement or the accompanying prospectus.
This prospectus supplement, the accompanying prospectus and any free writing prospectus that we prepare or authorize, contain and
incorporate by reference information that you should consider when making your investment decision. Neither we nor the underwriters nor
their affiliates and agents have authorized any person to provide you with different information. If anyone provides you with different or
inconsistent information, you should not rely on it. Neither we nor the underwriters nor their affiliates and agents are making an offer to sell
these securities in any jurisdiction where the offer or sale is not permitted. You should assume that the information appearing in this prospectus
supplement and the accompanying prospectus or any documents incorporated by reference in either is accurate only as of the stated date of
each document in which the information is contained. After the stated date, our business, financial condition, results of operations and
prospects may have changed.
This prospectus supplement and the accompanying prospectus summarize certain documents and other information to which we refer
you for a more complete understanding of what we discuss in this prospectus supplement and the accompanying prospectus. In making an
investment decision, you should rely on your own examination of our company and the terms of this offering and the notes, including the merits
and risks involved.
Neither we nor the underwriters nor their affiliates and agents are making any representation to any purchaser of the notes regarding the
legality of the purchaser's investment in the notes. You should not consider any information contained or incorporated by reference in this
prospectus supplement or the accompanying prospectus to be legal, business or tax advice. You should consult your own attorney, business
advisor and tax advisor for legal, business and tax advice regarding an investment in the notes.
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TABLE OF CONTENTS
Prospectus Supplement
Page
Forward-Looking Statements
S-ii
Summary
S-1
Risk Factors
S-15
Use of Proceeds
S-22
Capitalization
S-23
Description of the Notes
S-25
Book-Entry Settlement and Clearance
S-48
Certain Bermuda Tax Considerations
S-52
Underwriting
S-53
Legal Matters
S-59
Experts
S-59
Where You Can Find More Information
S-60
Prospectus
Page
ABOUT THIS PROSPECTUS
iii
SUMMARY
1
RISK FACTORS
2
USE OF PROCEEDS
3
RATIO OF EARNINGS TO FIXED CHARGES
4
DESCRIPTION OF SECURITIES
5
DESCRIPTION OF SHARE CAPITAL
6
DESCRIPTION OF DEPOSITARY SHARES
20
DESCRIPTION OF DEBT SECURITIES
22
DESCRIPTION OF WARRANTS
25
DESCRIPTION OF SUBSCRIPTION RIGHTS
26
DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS
27
SELLING SECURITYHOLDERS
28
PLAN OF DISTRIBUTION
29
LEGAL MATTERS
33
EXPERTS
33
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
34
WHERE YOU CAN FIND MORE INFORMATION
35
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FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this prospectus supplement, the accompanying prospectus and the documents incorporated
by reference herein and therein, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal
securities laws, including the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not necessarily
limited to, statements relating to our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings,
EBITDA, Adjusted EBITDA and Adjusted Net Income and the global aviation industry and aircraft leasing sector. Words such as "anticipates,"
"expects," "intends," "plans," "projects," "believes," "may," "will," "would," "could," "should," "seeks," "estimates" and variations on these words and
similar expressions are intended to identify such forward-looking statements. These statements are based on our historical performance and that of our
subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results to be materially
different from those described in the forward-looking statements; we can give no assurance that our expectations will be attained. Accordingly, you
should not place undue reliance on any forward-looking statements contained in this prospectus supplement, the accompanying prospectus or the
documents incorporated by reference herein or therein, which are subject to certain risks and uncertainties that could cause actual results to differ
materially from our expectations. These risks or uncertainties include, but are not limited to, those described under "Risk Factors" in our Annual Report
on Form 10-K for the year ended December 31, 2018 that is incorporated by reference in this prospectus supplement and the accompanying prospectus.
In addition, new risks and uncertainties emerge from time to time, and it is not possible for us to predict or assess the impact of every factor that may
cause our actual results to differ from those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of
the document in which the statements are contained. We expressly disclaim any obligation to revise or update publicly any forward-looking statement
contained herein, in the accompanying prospectus or in the documents incorporated by reference herein or therein to reflect future events or
circumstances.
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SUMMARY
This summary highlights the information contained elsewhere in or incorporated by reference in this prospectus supplement and the
accompanying prospectus. Because this is only a summary, it does not contain all of the information that may be important to you. For a more
complete understanding of this offering, we encourage you to read this entire prospectus supplement and the accompanying prospectus and the
information incorporated by reference herein and therein, including the financial statements and the notes to those statements.
In this prospectus supplement, except as otherwise indicated or the context otherwise requires, the terms "Aircastle," "we," "our" and "us"
refer to Aircastle Limited and its consolidated subsidiaries.
Our Company
We acquire, lease, and sell commercial jet aircraft to airlines throughout the world. As of March 31, 2019, we owned and managed on behalf
of our joint ventures 274 aircraft leased to 86 lessees located in 47 countries. Our aircraft are managed by an experienced team based in the United
States, Ireland and Singapore. Our aircraft are subject to net leases whereby the lessee is generally responsible for maintaining the aircraft and
paying operational, maintenance and insurance costs. In many cases, however, we are obligated to pay a portion of specified maintenance or
modification costs. As of March 31, 2019, the net book value (including flight equipment held for lease and net investment in finance and sales-
type leases, or "net book value") was $7.64 billion compared to $7.40 billion at the end of 2018. Our revenues, net income and Adjusted EBITDA
were $890.4 million, $247.9 million, and $839.8 million, respectively, for the year ended December 31, 2018 and $213.9 million, $34.8 million,
and $199.3 million, respectively, for the three months ended March 31, 2019.
Our Industry
Growth in commercial air traffic is broadly correlated with world economic activity. In recent years, commercial air traffic growth has
expanded at a rate of 1.5 to 2 times that of global GDP growth. The expansion of air travel has driven a rise in the world aircraft fleet. There are
approximately 22,000 commercial mainline passenger and freighter aircraft in current operation worldwide. This fleet is expected to continue
expanding at three to four percent average annual rate over the next twenty years. Aircraft leasing companies own approximately 44% of the
world's commercial jet aircraft.
2019 continues to show strong growth in air traffic. According to the International Air Transport Association, global passenger traffic
increased 6.5% during 2018 compared to 2017 and 5.9% during the first two months of 2019 compared to the same period in 2018. Demand for air
travel varies by region. Emerging market economies have generally been experiencing greater increases in air traffic, driven by rising levels of per
capita income leading to an increased propensity to fly. Mature markets, such as North America and Western Europe, have been growing more
slowly in tandem with their economies. Air traffic growth is also being driven by the proliferation of low cost carriers, which have stimulated
demand through lower prices. The outlook for airlines operating in areas with political instability or weakening economies is more uncertain. On
balance, we believe air travel will increase over time and, as a result, we expect demand for modern aircraft will continue to remain strong over the
long-term.
Notwithstanding the sector's long-term growth, the aviation market is subject to economic variability due to changes in macroeconomic
variables, such as interest rates, fuel price levels and foreign exchange rates. The aviation industry is also susceptible to external shocks, such as
regional conflicts and terrorist events. Mitigating this risk is the portability of the assets, allowing aircraft to be redeployed to locations where there
is demand.
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Fuel prices and interest rates have had a substantial effect on our industry. After dropping to a low of $36 per barrel in December 2015, the
price of fuel rose to an average of $66 per barrel during 2018 and $60 per barrel during the first three months of 2019. While still below historic
highs, higher fuel prices have impacted airline profitability. The prolonged low interest rate environment and the strong overall performance of the
aircraft financing sector attracted significant new capital, increasing competition for new investments and putting pressure on margins and returns.
After the Federal Reserve increased interest rates in the U.S. during 2018, guidance has recently shifted back to a neutral position.
Capital availability for aircraft has varied over time, and we consider this variability to be a basic characteristic of our business. If pursued
properly, this represents an important source of investment opportunity. Strong U.S. debt capital market conditions benefit borrowers by permitting
access to financing at historic lows. Commercial bank debt also continues to play a critical role for aircraft finance. Export credit agency
availability, however, has been curtailed due to political issues, both in the U.S. and in Europe. While financial market conditions remain attractive,
geopolitical issues may increase capital costs and limit availability going forward.
We believe capital market developments should generate attractive additional investment and trading opportunities for which we are well
placed to capitalize given our access to different financing sources, our limited capital commitments and our reputation as a reliable trading partner.
During 2018, we achieved investment grade credit ratings from Moody's, Standard & Poor's and Fitch. We believe being an investment grade
issuer will reduce our borrowing costs and enable more reliable access to debt capital throughout the business cycle. No report of any rating agency
is incorporated by reference herein.
Our Business
We originate acquisitions and sales through well-established relationships with airlines, other aircraft lessors, financial institutions and
brokers, as well as other sources. We believe that sourcing such transactions globally through multiple channels provides for a broad and relatively
consistent set of opportunities.
Our objective is to develop and maintain a diverse operating lease portfolio. We review our operating lease portfolio to sell aircraft
opportunistically, to manage our portfolio diversification and to exit from aircraft investments when we believe selling will achieve better expected
risk-adjusted cash flows than reinvesting in and re-leasing the aircraft.
We have an experienced acquisition and sales team based in Stamford, Connecticut; Dublin, Ireland and Singapore that maintains strong
relationships with a wide variety of market participants throughout the world. We believe that our seasoned personnel and extensive industry
contacts facilitate our access to acquisition and sales opportunities and that our strong operating track record facilitates our access to debt and
equity capital markets.
Potential investments and sales are evaluated by teams comprised of marketing, technical, risk management, finance and legal professionals.
These teams consider a variety of aspects before we commit to purchase or sell an aircraft, including price, specification/configuration, age,
condition and maintenance history, operating efficiency, lease terms, financial condition and liquidity of the lessee, jurisdiction, industry trends and
future redeployment potential and values. We believe that utilizing a cross-functional team of experts to consider investment parameters helps us
assess more completely the overall risk and return profile of potential acquisitions and helps us move forward expeditiously on letters of intent and
acquisition documentation.
Nearly all of our aircraft are contracted on operating leases. Under an operating lease, we retain the benefit, and bear the risk, of re-leasing
and of the residual value of the aircraft at the end of the lease. Operating leasing
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can be an attractive alternative to ownership for an airline because leasing increases an airline's fleet flexibility, requires lower capital
commitments, and significantly reduces aircraft residual value risks for the airline. Under an operating lease, the lessee agrees to lease an aircraft
for a fixed term, although certain of our operating leases allow the lessee the option to extend the lease for an additional term or, in rare cases,
terminate the lease prior to its expiration. As a percentage of lease rental revenue, our three largest customers, Avianca Brazil, Lion Air and South
African Airways, accounted for 7%, 6% and 5%, respectively, for the year ended December 31, 2018.
In the fourth quarter of 2018, we terminated all of our leases with Avianca Brazil due to defaults by Avianca Brazil under such leases and,
after a legal process, we have repossessed all 11 aircraft that were previously on lease to Avianca Brazil. We have signed committed long-term
leases for ten of the 11 aircraft and they are being prepared for delivery to LATAM Airlines.
Each of our leases requires the lessee to pay periodic rentals during the lease term. As of March 31, 2019, rentals on more than 94% of our
leases then in effect, as a percentage of net book value, are fixed and do not vary according to changes in interest rates. For the remaining leases,
rentals are payable on a floating interest-rate basis. Virtually all lease rentals are payable monthly in advance, and all lease rentals are payable in
U.S. dollars.
Our aircraft re-leasing strategy is to develop opportunities proactively, well in advance of scheduled lease expiration, to enable consideration
of a broad set of alternatives, including deployment, sale or part-out, and to allow for reconfiguration or maintenance lead times where needed. We
also take a proactive approach to monitoring the credit quality of our customers, and may seek early return and redeployment of aircraft if we feel
that a lessee is unlikely to perform its obligations under a lease. We have invested significant resources in developing and implementing what we
consider to be state-of-the-art lease management information systems and processes to enable efficient management of aircraft in our portfolio.
Our business approach is differentiated from those of other large leasing companies. Our investment strategy is to seek out the best risk-
adjusted return opportunities across the commercial jet market, so the nature and volume of assets we buy will vary over time with market
conditions. We plan to grow our business and profits over the long-term while maintaining a conservative, flexible capital structure. We prefer to
have capital resources available to capture investment opportunities that arise in the context of changing market circumstances. As such, we limit
large, long-term capital commitments and are therefore less reliant on orders for new aircraft from aircraft manufacturers as a source of new
investments than many of our competitors.
Our Strengths
We believe that the following competitive strengths will allow us to capitalize on future growth opportunities in the global aviation industry:
Diversified Portfolio of Modern Aircraft: We have a portfolio of modern aircraft that is diversified with respect to lessees, geographic
markets, lease maturities and aircraft types. As of March 31, 2019, our aircraft portfolio consisted of 259 aircraft, comprised of a variety of aircraft
types leased to 86 lessees located in 47 countries. Lease expirations for our owned aircraft are well dispersed, with a weighted-average remaining
lease term of 4.5 years. This provides the Company with a long-dated base of contracted revenues. We believe our focus on portfolio diversification
reduces the risks associated with individual lessee defaults and adverse geopolitical or economic issues, and results in generally predictable cash
flows.
Flexible, Disciplined Acquisition Approach and Broad Investment Sourcing Network: Since our formation, we have acquired 484 aircraft for
$15.8 billion as of March 31, 2019. Our investment strategy is to seek out the best risk-adjusted return opportunities across the commercial jet
market, so our acquisition targets vary with
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market opportunities. We source our acquisitions through well-established relationships with airlines, other aircraft lessors, manufacturers, financial
institutions and other aircraft owners. Since our formation in 2004, we built our aircraft portfolio through more than 165 transactions with 94
counterparties as of March 31, 2019.
Significant Experience in Successfully Selling Aircraft Throughout Their Life Cycle: Our team is adept at managing and executing the sale of
aircraft. Since our formation, we sold 225 aircraft for $5.4 billion as of March 31, 2019. These sales produced net gains of $335 million and
involved a wide range of aircraft types and buyers. Of these aircraft, 149, or 66%, were over fourteen years old at the time of sale; many of these
being sold on a part-out disposition basis, where the airframe and engines may be sold to various buyers. We believe our competence in selling
older aircraft is one of the capabilities that set us apart from many of our competitors.
Strong Capital Raising Track Record and Access to a Wide Range of Financing Sources: Aircastle is a publicly listed company, and our
shares have traded on the NYSE since 2006. Since our inception in late 2004, we have raised approximately $1.7 billion in equity capital from
private and public investors as of March 31, 2019. Our largest shareholder is Marubeni Corporation ("Marubeni"), with whom we maintain a
strong, strategic relationship. As of March 31, 2019, we have also obtained $14.6 billion in debt capital from a variety of sources including the
unsecured bond market, commercial banks, export credit agency-backed debt, and the aircraft securitization market. The diversity and global nature
of our financing sources demonstrates our ability to adapt to changing market conditions and seize new opportunities.
Our Capital Structure Provides Investment Flexibility: We have $705 million available from unsecured revolving credit facilities that expire
in 2021 and 2022, thereby limiting our near-term financial markets exposure. Given our relatively limited future capital commitments, we have the
resources to take advantage of future investment opportunities. Our large unencumbered asset base and our unsecured revolving lines of credit give
us access to the unsecured bond market, allowing us to pursue a flexible and opportunistic investment strategy.
Experienced Management Team with Significant Expertise: Each member of our management team has more than 20 years of industry
experience and we have expertise in the acquisition, leasing, financing, technical management, restructuring/repossession and sale of aviation
assets. This experience spans several industry cycles and a wide range of business conditions and is global in nature. We believe our management
team is highly qualified to manage and grow our aircraft portfolio and to address our long-term capital needs.
Global and Scalable Business Platform: We operate through offices in the United States, Ireland and Singapore, using a modern asset
management system designed specifically for aircraft operating lessors and capable of handling a significantly larger aircraft portfolio. We believe
that our current facilities, systems and personnel are capable of supporting an increase in our revenue base and asset base without a proportional
increase in overhead costs.
Our Strategy
Aircraft owners have benefited from the low interest rate environment in recent years. Particularly strong conditions in the debt capital
markets have provided select borrowers, including Aircastle, access to attractively priced, flexible financing. This provides us a competitive
advantage over many airlines and lessors. Geopolitical and macroeconomic events may increase the cost of capital and limit its availability in the
future, which may provide more attractive investment opportunities for Aircastle.
We plan to grow our business and profits over the long-term while limiting long-dated capital commitments and maintaining a conservative
and flexible capital structure.
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Our business strategy entails the following elements:
Pursuing a Disciplined and Differentiated Investment Strategy. In our view, the relative values of different aircraft change over time. We
continually evaluate investments across different aircraft models, ages, lessees and acquisition sources and re-evaluate these choices as market
conditions and relative investment values change. We believe our team's experience with a wide range of asset types and the financing flexibility
offered through unsecured debt provides us with a competitive advantage. We view orders from equipment manufacturers to be part of our
investment opportunity set, but choose to keep our long term capital commitments limited.
Originating Investments from Many Different Sources Across the Globe. Our strategy is to seek out worthwhile investments by leveraging our
team's wide range of contacts. We utilize a multi-channel approach to sourcing acquisitions and have purchased aircraft from a large number of
airlines, lessors, original equipment manufacturers, lenders and other aircraft owners. Since our formation in 2004, we have acquired aircraft from
94 different sellers as of March 31, 2019.
Selling Assets when Attractive Opportunities Arise. We sell assets with the aim of realizing profits and reinvesting proceeds. We also use
asset sales for portfolio management purposes, such as reducing lessee specific concentrations and lowering residual value exposures to certain
aircraft types. Since our formation, we have sold aircraft to 67 buyers as of March 31, 2019.
Maintaining Efficient Access to Capital from a Wide Set of Sources and Leveraging our Recent Investment Grade Credit Rating. We believe
the aircraft investment market is influenced by the business cycle. Our strategy is to increase our purchase activity when prices are low and to
emphasize asset sales when prices are high. To implement this approach, we believe it is important to maintain access to a wide variety of financing
sources. During 2018, we achieved our objective of improving our corporate credit ratings to an investment grade level by maintaining strong
portfolio and capital structure metrics while achieving a critical size through accretive growth. We believe our improved credit rating will not only
reduce our borrowing costs, but also facilitate more reliable access to both unsecured and secured debt capital throughout the business cycle.
Leveraging our Strategic Relationships. We intend to capture the benefits provided through the extensive global contacts and relationships
maintained by Marubeni, which is our biggest shareholder and is one of the largest Japanese trading companies. Marubeni has enabled greater
access to Japanese-based financing and helped source and develop our joint venture with the leasing arm of the Industrial Bank of Japan, Limited.
Capturing the Value of our Efficient Operating Platform and Strong Operating Track Record. We believe our team's capabilities in the global
aircraft leasing market places us in a favorable position to source and manage new income-generating activities. We intend to continue to focus our
efforts in areas where we believe we have competitive advantages, including new direct investments as well as ventures with strategic business
partners.
Intending to Pay Quarterly Dividends to our Shareholders Based on the Company's Sustainable Earnings Levels. Aircastle has paid
dividends each quarter since our initial public offering in 2006. On April 30, 2019, our Board of Directors ("Board") declared a regular quarterly
dividend of $0.30 per common share, payable on June 14, 2019 to holders of record on May 31, 2019. This dividend amount may not be indicative
of any future dividends. See "Dividend Policy."
Recent Developments
On May 1, 2019, we entered into two new multi-loan, secured term loan facilities (the "New Term Facilities"), one of which is in a maximum
aggregate principal amount of $320 million and the other in a
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