White Oak Global Advisors has closed a sale-and-leaseback with GECAS for 20 widebody engines, its first step into the engine leasing business.
The $550 million deal includes engines for Boeing 777 and Boeing 787 aircraft that are on lease to airlines, White Oak says. They will be managed by the asset management firm's new White Oak Commercial Aviation group and continue to be serviced by GECAS over the life of the lease.
“I believe this transaction with GECAS… demonstrates the deep level of skill and knowledge the White Oak Commercial Aviation group brings," says Andre Hakkak, chief executive and co-founder of White Oak Global Advisors, in a statement. "I look forward to expanding our offerings to the aviation market.”
The transaction is financed with a $422 million senior secured loan arranged by CIT, the lender says.
GECAS manages 50 777s with either General Electric GE90 or Pratt & Whitney PW4000 engines, and six 787s with General Electric GEnx engines, Flight Fleets Analyzer shows.
Source: Cirium Dashboard
