pk airfinance - ge capital · 3 pk airfinance pk airfinance is a leading provider and arranger of...
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PK AIRFINANCEPK AirFinance is a leading provider and arranger of loans secured by commercial aircraft, aircraft engines, and helicopters.
PK AirFinance serves airlines, aircraft traders, lessors, investors, financial institutions and manufacturers worldwide.
PK AirFinance is affiliated with GECAS.
Operator
90+
Countries
70+Years of Experience
30+
Aircraft
320+Engines
50+
Team
18+
4
PK PR ODUCTS
Senior Mortgage LoansFull payout loans
Balloon loans
Non-recourse loans
Syndicated loans
Finance Leases
Conditional Sales
Purchase of Loans
PDP Loans
Bridge Loans
We include features such as
Floating/Fixed Interest RateMixed CurrenciesLimited Recourse
To structure an optimal solution for everytransaction, we consider
Accounting TreatmentTax TreatmentLegal StructureAsset RiskCredit RiskCurrency RiskInterest Rate RiskSeasonal Cash Flows
5
6
PORTFOLIO SPLIT BY COLLATERAL TYPE
67%
19%
4%6%
2% 2%
NarrobodyWidebodyRegional JetGE-enginenon-GE engineTurbopropFreighter
46%
35%
10%
9%Airline
Investor
JOL Debt
JOLCO Debt
34%
20%20%
14%
5%7%
Asia
Europe
Middle East - Africa
Latin America
North America
CIS
67%
19%
4%6%
2% 2%
NarrobodyWidebodyRegional JetGE-enginenon-GE engineTurbopropFreighter
46%
35%
10%
9%Airline
Investor
JOL Debt
JOLCO Debt
34%
20%20%
14%
5%7%
Asia
Europe
Middle East - Africa
Latin America
North America
CIS
PK
PO
RTF
OLI
O
7
PORTFOLIO SPLIT BY REGIONPORTFOLIO SPLIT BY PRODUCT TYPE
67%
19%
4%4%
2% 2% 2%
NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine
46%
35%
10%
9%Airline
Investor
JOL Debt
JOLCO Debt
34%
20%20%
14%
5%7%
Asia
Europe
Middle East - Africa
Latin America
North America
CIS
67%
19%
4%4%
2% 2% 2%
NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine
46%
35%
10%
9%Airline
Investor
JOL Debt
JOLCO Debt
34%
20%20%
14%
5%7%
Asia
Europe
Middle East - Africa
Latin America
North America
CIS
67%
19%
4%4%
2% 2% 2%
NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine
46%
35%
10%
9%Airline
Investor
JOL Debt
JOLCO Debt
34%
20%20%
14%
5%7%
Asia
Europe
Middle East - Africa
Latin America
North America
CIS
67%
19%
4%4%
2% 2% 2%
NarrobodyWidebodyRegional JetGE-engineTurbopropFreighternon-GE engine
46%
35%
10%
9%Airline
Investor
JOL Debt
JOLCO Debt
34%
20%20%
14%
5%7%
Asia
Europe
Middle East - Africa
Latin America
North America
CIS
7
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$343,200,000 Secured Term Financing
Secured by
Sixteen Boeing B737-900ER
Provided by
Cathay United BankKorean Development Bank
PK AirFinance
Arranged by
PK AirFinanceA GECAS Company
March 2018
$343,200,000 Secured Term Financing
Secured by
Sixteen Boeing B737-900ER
Provided by
Cathay United BankKorean Development Bank
PK AirFinance
Arranged by
PK AirFinanceA GECAS Company
March 2018
$343,200,000 Secured Term Financing
Secured by
Sixteen Boeing B737-900ER
Provided by
Cathay United BankKorean Development Bank
PK AirFinance
Arranged by
PK AirFinanceA GECAS Company
March 2018
AirFinance Deal of the Year Award in Asia 2018
g P K A I R F I N A N C EA G E C A S C O M PA N Y
9
KE Y TRANSACTIONS
GE_Imagination.pdf 1 03/09/2018 09:55
NeosTombstone.indd 1 23/10/2018 09:48
g P K A I R F I N A N C EA G E C A S C O M PA N Y
EUR186,318,000 Term Financing
Secured by
Three Airbus A330-300 Equipped with 6 CF6-80E1A3 Engines
Provided by
as Arranger, Security Trustee, Agent and Lender
PK AirFinance- A GECAS Company
- December 2016
EUR186,318,000 Term Financing
Secured by
Three Airbus A330-300Equipped with 6 CF6-80E1A3 Engines
Provided by
as Arranger, Security Trustee, Agent and Lender
PK AirFinance- A GECAS Company
- December 2016
g P K A I R F I N A N C EA G E C A S C O M PA N Y
10
$125,000,000 Senior Secured Term Financing$15,000,000 Mezzanine Secured Term Financing
For
One Airbus A350-900
Arranged and Provided by
and
PK AirFinance- A GECAS Company
February 2018
166706_Ethiopian Tombstone.indd 1 23/05/2018 14:12
KE
Y TR
AN
SA
CTI
ON
S
$116,000,000 Senior Secured Term Loan
and
€99,940,900 Adjustable Dollar Equivalent Loan in Euro
Secured by
Six Airbus A320-200NEO equipped with CFM56-LEAP-A1 engines
Provided by
PK AirFinance Airbus Bank
Arranged by
PK AirFinance- A GECAS Company
- January 2018
g P K A I R F I N A N C EA G E C A S C O M PA N Y g P K A I R F I N A N C E
A G E C A S C O M PA N Y
1111
$62,000,000 Engine Term Financing
For
Three CFM56-LEAP-1B25Four CFM56-7B27
Arranged & Provided by
PK AirFinanceA GECAS Company
June 2018
g P K A I R F I N A N C EA G E C A S C O M PA N Y
$338,500,000 Secured Term Financing
Provided by
PK AirFinanceCredit Agricole
Arranged by
PK AirFinanceA GECAS Company
September 2018
Secured by
Six Airbus A321-200leased to
Six Boeing B737-800leased to
Three Airbus A319-100 leased to
g P K A I R F I N A N C EA G E C A S C O M PA N Y
12
COMPANY HISTORY
2018 PKAirFinanceclosesfirsteverJOLCOdebtfinancingforanAfricancarrier–Ethiopian–nominated“AfricaLeaseDealoftheYear2018” PKclosedfirstA350-900deals GECAS/PKwinAirfinance“DealoftheYearinAsia”awardfor51AircraftdealwithLionAir Companyhas$5.9bninportfoliovolume Cumulativeoriginationreached$37bn
2017 PKAirFinanceclosesfirstdealsonnewtechnology737MAX
2016 PKAirFinancearrangesfirsteuroloans,financesfirstBoeing787-9sandAirbusA320NEOsdeliveries
2015 GlobalTransportationFinanceDealoftheYearAsiaAwardforICBCLeasing/GarudaJOLCOfinancingofthreeA320-200
2000 GeneralElectricCapitalCorportationbuysPKAirfinance
1979 PKFinansestablishedinLuxembourgbyPKbankenSweden
13
14
15
AIR CRAF TCollateral 31/12/2018
Asset Type TotalA320-200 69B737-800 68A319-100 37B737-900ER 24A321-200 19S92 19ATR72-600 14EMB-190 11A330-200 10EMB-175LR 9AW139 9PW4090 8A330-300 7B737 MAX 8 7A321-200N 7CFM56-7B 7A320-200NEO 6CFM56-7B24 6B737-700 5B777-200IGW 5GP7270 5PW4168 5S76D 5B747-400F 5GE90-115B 3CFM56-5B 3A350-900 2B737-800 2
B747-400SF 2B777-200LR 2B787-9 2EMB-170 2CF6-80EA4/B 2CFM-1A26 2GEnx-2B67 2PW4170 2Trent 772B-60 2Trent XWB 2A330-900 1ATR72-500 1B737-400 1B737-400SF 1B747-400ERF 1CFM-1B25 1GE90-115B-SP 1Grand 404
AeroflotAerolineas ArgentinasAeromexicoAirAsiaAir AstanaAir CanadaAir ChinaAir FranceAir ItalyAlitaliaAmerican AirlinesAsianaASL FranceAtlas Intl. B.V.AtlasGlobalAzul S.A.Bangkok AirwaysBlue AirBristowBrussels AirlinesCHC GroupChengdu AirlinesChina EasternComairCOPADelta AirEastar JetEL ALEthiopianFinaircraftflyDubaiFrontier Airlines
GarudaGermaniaGermanwingsGo AirGOLHainanIBERIAIndiGoInterjetJeJu AirJet AirwaysJet2.comKAAN TurkeyKalitta AirKLMKorean AirMalaysiaMyanmaNorwegian Air ShuttleNouvelairOK AirwaysPeachPegasusPhilippines AirAsia, Inc.Phillippine AirlinesPT Lion MentariRepublicS7 AirlinesSky Airline ChileSky AngkorSmall Planet AirlinesSmartlynx
SolaseedSri LankanSun ExpressTAMTAMETAPThomas Cook AirlinesTigerair AustraliaTitan AirwaysTransaviaTravel ServiceTUI Travel plcTurk Hava YollariUkraineUnitedUralVivaAeroBusViva ColumbiaVuelingWest AirWest AtlanticWizz AirYakutiaYamal
A IRLINES 31/12/2018
16
THE BASIC STRUCTURES
22 PK AirFinance Company Presentation 2009
THE BASIC STRUCTURES
Airline Loan Investor Loan
PK AirFinance
Airline
Loan Mortgage
Airline
Loan Mortgage
PK AirFinance
SpecialPurpose
Company
Lease
Ass
ignm
ent
22PK
AirF
inan
ceC
ompa
nyPr
esen
tatio
n20
09
THE
BASI
CST
RUC
TURE
S
Airli
neLo
anIn
vest
orLo
an
PKA
irFin
ance
Airl
ine
Loan
Mor
tgag
e
Airl
ine
Loan
Mor
tgag
e
PKAi
rFin
ance
Spec
ial
Purp
ose
Com
pany
Leas
e
Assignment
InvestorEquity
16
17
HOW WE CALCUL ATE THE ODDS
HOW WE CALCULATE THE ODDS
Aircraft Value Projection
Outstanding Amount
With Confidence Bands
Balloon Recourse OrNon-Recourse
Airline PerformanceProbability
Asset Risk Credit Risk
PK AirFinance Company Presentation 2009 23
0 1 2 3 4 5 6 7 8 9 10
HOW WE CALCULATE THE ODDS
Aircraft Value Projection
Outstanding Amount
With Confidence Bands
Balloon Recourse OrNon-Recourse
Airline PerformanceProbability
Asset Risk Credit Risk
PK AirFinance Company Presentation 2009 23
0 1 2 3 4 5 6 7 8 9 10
17
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TransactionFinanced amountCurrencyRepayment profileInterest rate basis(floating/fixed)
BorrowerNameFinancialsJurisdiction
AirlineNameFinancialsJurisdiction
AircraftTypeYear of manufactureSerial NumberRegistrationEngine TypeMax Take-Off WeightSpecificationsMaintenance Programand Condition
Underlying LeaseLesseeTermRentMaintenance ReservesReturn ConditionsLease Deposit
BASIC DATA WE NEED TO DISCUSS YOUR TRANSACTION
19
MEET THE PK TEAM
New York Tokyo
Luxembourg
PK AirFinance Company Presentation 2009 25
Tokyo
LuxembourgToulouse
Singapore
Shannon
Norwalk
London
WHERE TO FIND US
20
LUXEMBOURG
Paul MeijersPresident
Yvonne CheneryContracts
Tina HongistoAdministration
Saida DouahAdministration
Virginia IzaguirreAdministration
Serge MichelsAdministration
TOULOUSE
Per WaldelöfMarketing
Guillaume DegemardMarketing
Niall CroninMarketing
SHANNON
Christophe BernardiniMarketing
LONDON
MEE T THE PK TE AM
Frank WithofsPortfolio & Treasury
Max Jonsson Risk & Analysis
21
Maggie MorrowMarketing
NORWALK
Claudia BarstonMarketing
SINGAPORE
TOKYO
Shinji SatoMarketing
Yoshifumi SakuragiMarketing
Akiko Kawaguchi Contracts
Miyuki HayashiAdministration
22
23
Name Business Phone E-mail
LondonThe Ark, 201 Talgarth Road, Hammersmith, London W6 8BJ, United Kingdom
Bernardini, Christophe +44 20 7302 6165 c.bernardini@pkair.com
Luxembourg - PK AirFinance SARLEuropean Bank and Business Center, 6D, Route de Trèves, L-2633 Senningerberg, Luxembourg
Meijers, Paul +352 34 20 30 24 p.meijers@pkair.comChenery, Yvonne +352 34 20 30 22 y.chenery@pkair.comDouah, Saida +352 34 20 30 27 s.douah@pkair.comHongisto, Tina +352 34 20 30 23 t.hongisto@pkair.comIzaguirre, Virginia +352 34 20 30 28 v.izaguirre@pkair.comJonsson, Max +352 34 20 30 26 m.jonsson@pkair.comMichels, Serge +352 34 20 30 20 s.michels@pkair.comWithofs, Frank +352 34 20 30 21 f.withofs@pkair.com
Norwalk - PK AirFinance US, INC.901 Main Avenue, The Towers, Norwalk CT 06851-1168, USA
Morrow, Maggie +1 203 842 5204 m.morrow@pkair.com
Name Business Phone E-mail
ShannonAviation House Shannon, County Clare, V14 AN29, Ireland
Cronin, Niall +353 61 706940 n.cronin@pkair.com
Singapore11 North Buona Vista Drive, Singapore 138589 SG
Barston, Claudia +65 6326 3132 c.barston@pkair.com
Tokyo – GE Capital Asset Finance GKAkasaka Park Bldg., 5-2-20, Akasaka, Minato-ku, Tokyo, Japan
Sato, Shinji +81 (3) 35 88 61 55 s.sato@pkair.comHayashi, Miyuki +81 (3) 35 88 62 94 m.hayashi@pkair.comKawaguchi, Akiko +81 (3) 55 44 37 93 a.kawaguchi@pkair.comSakuragi, Yoshifumi +81 (3) 35 88 95 34 y.sakuragi@pkair.com
Toulouse - PK Air17 avenue Didier Daurat, Immeuble Socrate, Blagnac 31702 France
Waldelöf, Per +33 5 6731 0032 p.waldelof@pkair.comDegemard, Guillaume +33 5 3460 5048 g.degemard@pkair.com
CONTACT L IST www.pkair.com
R.C.S. Luxembourg B27840 • Capital USD 10,000,000 • PK AirFinance S.à r.l.
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