Pegasus Aviation Finance Announces $150 Million Investment by Oaktree Capital Management SAN FRANCISCO--(BUSINESS WIRE)--April 1, 2004 Pegasus Aviation Finance Company ("Pegasus"), a newly formed subsidiary of Pegasus Aviation, Inc., and Oaktree Capital Management, LLC ("Oaktree") today announced an agreement in which investment funds managed by Oaktree will invest $150 million in Pegasus, in partnership with Pegasus' management. The first funding of $100 million has been completed and the second funding of $50 million will be completed on or before July 2004. The transaction provides Pegasus with growth capital to broaden its position as one of the world's leading commercial aircraft leasing and financing companies. Pegasus President and CEO Richard S. Wiley said, "We are excited to have Oaktree as our new financial sponsor and partner. Together with Oaktree, we will continue to pursue growth opportunities throughout the world. The global aviation industry is beginning to show signs of strengthening from its recent downturn and Pegasus will be positioned at the forefront of the recovery. Pegasus will continue to provide its airline customers with superior service to meet their fleet requirements, as well as being a provider of liquidity to secondary market sellers of aircraft and aircraft-related securities." |
In a separate transaction, Pegasus announced that it had agreed to acquire five next-generation Boeing 737-800 aircraft to be leased to Continental Airlines. The first 737-800 was delivered from Boeing on March 29, 2004 and the remaining four aircraft will be delivered by September 2004. "We are pleased that Pegasus was able to offer competitive financing for five of our 737-800 deliveries this year," said Gerry Laderman, Continental's Senior Vice President - Finance & Treasurer. "The attractive lease financing for one of the core assets in our fleet furthers the mutually beneficial relationship that Continental and Pegasus have enjoyed for over 15 years." Pegasus Aviation, Inc. was founded by Wiley in 1988 and is headquartered in San Francisco, California. With over $3 billion in assets, a fleet of more than 200 Boeing and Airbus passenger and cargo aircraft, and approximately 70 airline customers in over 30 countries, it is the world's largest privately-held commercial aviation financier. The firm's website is www.pegasusaviation.com. Oaktree Capital Management, LLC is a Los Angeles-based private investment firm with approximately $28 billion of assets under management. Oaktree has a strong presence in the aviation sector, including numerous aircraft financings with Pegasus since the early 1990's. Oaktree has a history of investing in attractive companies, and in partnership with management, providing the resources necessary to develop the business and create long-term value. The firm's website is www.oaktreecapital.com. Terms of the transaction are not public. This announcement appears as a matter of record only and is neither an offer to sell any securities nor a solicitation of an offer to buy any securities. COPYRIGHT 2004 Business Wire
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