MINNEAPOLIS, Dec. 1, 2020 /PRNewswire/ -- Castlelake,
L.P. ("Castlelake"), a global private investment firm with 15 years
of tenure financing and managing aviation assets, together with
Boeing (NYSE: BA) and its subsidiary Boeing Capital
Corporation, today announced a partnership to provide delivery
financing solutions to commercial aircraft customers for new
commercial aircraft deliveries.
Through the partnership, Castlelake will seek to provide up to
$5 billion of capital for new Boeing
commercial aircraft deliveries via senior secured financing,
mezzanine financing and high loan-to-value finance leases.
Castlelake will have full discretion over which transactions to
pursue and the terms of those transactions. The term of the
partnership is through December 31,
2022, and can be extended for an additional two years.
"We are excited to work with Boeing to provide efficient,
tailored financing solutions to their customers while also
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 longstanding relationship with Boeing and its
customers to navigate the current environment."
"Boeing Capital's strategy has always been and remains to ensure
that a range of efficient financing solutions are available for
customers who purchase our products," said Tim Myers, President of Boeing Capital
Corporation. "We have known and worked with the team members
at Castlelake for 15 years and are pleased 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 to supporting stability and positioning for the
opportunities ahead."
The financing partnership comes as Castlelake expands its
aviation investment strategy further into aviation lending. Having
invested throughout various aviation business cycles since 2005 and
with an aviation team of more than 60 dedicated professionals
across underwriting, finance, technical and other specialized
disciplines, Castlelake believes it can provide attractive,
tailored capital solutions to aviation industry participants,
including airlines and other aircraft buyers. Castlelake's aviation
lending strategy is led by Armin
Rothauser, who joined the firm in November with more than 20
years of experience in credit, lending and hard assets.
About Castlelake
Castlelake, L.P. is a global private
investment firm focused on investments in alternative assets,
sub-performing notes and special situations, and is an experienced
leader in aircraft ownership and servicing. With offices in
Minneapolis, Dallas, New
York, London, Dublin, Luxembourg and Singapore, the Castlelake team comprises more
than 200 experienced professionals. As of September 30, 2020, Castlelake manages
approximately $18.4 billion in
assets, on behalf of its investors. For more information, please
visit www.castlelake.com.
About Boeing
Boeing is the world's largest aerospace
company and leading provider of commercial airplanes, defense,
space and security systems, and global services. As a top U.S.
exporter, the company supports commercial and government customers
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 offers asset-backed lending and
leasing, concentrating on assets that are critical to the core
operations of Boeing customers. Boeing Capital's primary mission is
to support the other Boeing business units by ensuring customers
have the financing they need to buy and take delivery of their
Boeing products.
Contact
Castlelake Media
Relations
Molly Blemker
+1 612 851 3083
media.relations@castlelake.com
Prosek Partners
David
Wells / Josh Clarkson /
Mariel Seidman-Gati
dwells@prosek.com / jclarkson@prosek.com /
mseidman-gati@prosek.com
+1 212 279 3115
Boeing
Peter
Pedraza
+1 312 618 8998
Peter.p.pedraza@boeing.com
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SOURCE Castlelake