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World Leasing Review Wlrasset FINANCE • AUTO FINANCE • DIGITALISATION • LEASING • LEGAL • SOFTWARE SPRING 2021 world leasing review www.world-leasing-yearbook.com wlrASSET FINANCE • AUTO FINANCE • DIGITALISATION • LEASING • LEGAL • SOFTWARE US leasing confidence reaches three year high Confidence in the US equipment leasing & finance market reached 67.7 in March 2021, an increase from the February index of 64.4, and the highest level since April 2018. These are the finding from the Equipment Leasing & Finance Foundation according to its March 2021 Monthly Confidence Index for the US Equipment Finance Industry. Following the acquisition of GECAS, AerCap will have a massive portfolio of over 2,000 owned and managed aircraft. The index reports a qualitative assessment of both the prevailing business conditions and expectations AerCap to acquire for the future as reported by key executives from the $900bn GE Capital Aviation Services equipment finance sector. AerCap Holdings NV, the leading teams, attractive portfolios, diversified When asked to assess their business global aircraft leasing company, has customer bases and order books of conditions over the next four months, announced that it has entered into the most in-demand new technology 50% of executives responding said a definitive agreement with General assets. This combination will enhance they believe business conditions will Electric under which AerCap will our ability to provide innovative and improve over the next four months. acquire 100% of GE Capital Aviation attractive solutions for our customers Services (GECAS), a GE business. and will strengthen our cash flows, Some 42.9% of the survey earnings and profitability”. respondents believe demand for The combined company will be an leases and loans to fund capital industry leader across all areas of “GECAS is a highly attractive business expenditures will increase over the aviation leasing, with over 2,000 owned and this transaction continues our next four months and 53.6% believe and managed aircraft, over 900 owned strong track record of capital allocation. demand will “remain the same” during and managed engines, over 300 As the recovery in air travel gathers the same four-month time period. owned helicopters and approximately pace, this transaction represents a 300 customers around the world. unique opportunity that we believe “We are relatively positive on will create long-term value for our domestic and global economic Aengus Kelly, Chief Executive Officer investors,” added Kelly. “This business activity for this year, and likely of AerCap, said, “We are excited about combination will also strengthen our next”, said David Drury, Senior Vice this opportunity to bring together two longstanding partnership with GE President and Head of Equipment leaders in aviation leasing. AerCap and Aviation, which we look forward to Finance, Fifth Third Bank. GECAS both have industry-leading working with closely in the future.” EQUIPMENT FINANCE ORIGINATIONS FACTORING LOOKING TO GROW YOUR SECURED FINANCE BUSINESS? ASSET-BASED LENDING LOOK TO IDS — AND THE CLOUD You’re working hard to grow your business. You deserve an agile secured finance platform that ensures all of your hard work and smart decisions pay off. IDScloud is a true software-as-a-service (SaaS) platform that greatly simplifies your move to the cloud. It’s a holistic platform that streamlines originations, equipment finance, ABL and factoring. And because it scales to your business, you only pay for the features and capacity you need. WHAT’S THE NEXT STEP? You can watch an online demo, check out a case study or talk live with an IDScloud expert. Visit idsgrp.com/exploreIDScloud wlr world leasing review Transaction highlights Under the terms of the agreement, which has been unanimously approved by the boards of directors of AerCap and GE, GE will receive 111.5 million newly issued AerCap shares, $24bn of cash and $1bn of AerCap notes and/ or cash. Upon completion of the transaction, GE is expected to own approximately 46% of the combined company and will be entitled to nominate two directors to the AerCap Board of Citi and Goldman Sachs have provided AerCap with $24bn of committed financing for the transaction. Directors. The adjusted debt-to-equity ratio of conditions. The transaction is expected Citi and Goldman Sachs have provided the combined company is expected to to close in the fourth quarter of 2021. AerCap with $24bn of committed be 3.0x at closing of the transaction. financing for the transaction. AerCap will maintain its target adjusted The combined company will retain the debt-to-equity ratio of 2.7x and expects name AerCap, and GECAS will become GE Chairman and CEO, H. Lawrence to return to this level rapidly. a business of AerCap. Culp, Jr., said, “AerCap is the right partner for our exceptional Strategic benefits Citi and Morgan Stanley acted as GECAS team. Combining these The transaction provides the following financial advisors to AerCap. Cravath, complementary franchises will deliver key strategic benefits: Swaine & Moore LLP, NautaDutilh NV strategic and financial value for both • Leading aircraft leasing platform with and McCann Fitzgerald acted as legal companies and their stakeholders. expanded customer breadth and advisors to AerCap. Together we are creating an industry- reach, given AerCap and GECAS’s leading aviation lessor with expertise, complementary customer bases with AerCap is a global leader in aircraft scale and reach to better serve limited overlap. leasing. AerCap serves approximately customers around the world, while • Narrow-body aircraft will represent 200 customers in approximately 80 GE gains both cash and upside in the approximately 60% of the combined countries. AerCap is listed on the stronger combined company as the aircraft fleet. New York Stock Exchange and has its aviation industry recovers.” • New technology aircraft will represent headquarters in Dublin with offices approximately 56% of the combined in Shannon, Los Angeles, Singapore, AerCap expects to maintain its current in-service fleet, expected to grow to Amsterdam, Shanghai, Abu Dhabi, investment grade credit ratings with approximately 75% in 2024. Seattle and Toulouse. S&P, Moody’s and Fitch. The transaction • Attractive order book of 493 new will enhance many of AerCap’s key technology aircraft, more than 90% of GE Capital Aviation Services (GECAS) credit metrics, as the combined which are narrow-bodies. is a world-leading aviation lessor company will have stronger cash flows • Premier engine leasing business adds and financier. GECAS offers a broad and a more diversified revenue and revenue diversification and greater array of financing products and customer base. ability to provide innovative solutions services including operating leases, to our airline customers. purchase/leasebacks, capital markets, After the deal closes, GE intends to and airframe parts management. use the transaction proceeds and Closing conditions and advisors GECAS owns, services or has on order its existing cash sources to reduce The transaction is subject to approval approximately 1,700 aircraft. GECAS debt by approximately $30bn, for an by AerCap shareholders, receipt of serves over 200 customers in 75 expected total reduction of more than necessary regulatory approvals and countries from a network of 15 offices $70bn since the end of 2018. satisfaction of other customary closing around the world. 3 wlr world leasing review UK asset finance market shows growth New figures released by the Finance & Commenting on the figures, Geraldine Government to extend the super- Leasing Association (FLA) in the UK show Kilkelly, Director of Research and deduction allowance for expenditure that total asset finance new business, Chief Economist at the FLA, said: “In on qualifying plant and machinery primarily leasing and hire purchase, grew February, the UK asset finance market to include leasing. The asset finance by 1% in February 2021 compared with reported new business growth for industry has a proven track record the same month in 2020. the first time in more than a year. FLA in supporting businesses to invest members reported growth in new in a wide range of machinery and The plant and machinery finance and finance for a range of assets including equipment, with as much as 40% of commercial vehicle finance sectors agricultural equipment, manufacturing this investment in the UK funded by reported new business up in February by equipment and printing equipment.” FLA members”, said Kilkelly. 14% and 8% respectively, compared with the same month in 2020. By contrast, “While the FLA welcomes the Elsewhere, the FLA reports a fall the IT equipment finance and business measures announced in the Budget in new business volumes in the equipment finance sectors reported to ensure that a strong pick-up in consumer car finance market of 27% falls in new business of 20% and 24% business investment is part of the in February 2021, compared with the respectively, over the same period. UK economic recovery, we urge the same month in 2020. US equipment and software investment forecast to grow 11.2% Equipment and software investment The US manufacturing sector widespread availability of vaccinations growth is expected to be robust in continued to improve in early 2021 offers hope that economic activity will the US in 2021 as businesses invest to due to strong demand for both soon return to pre-pandemic levels, or adapt to a post-pandemic normal. consumer and business goods. beyond. The robust stimulus efforts, Underlying demand remains strong, along with trillions of dollars in pent-up Annual equipment and software although supply chain backlogs demand, point to a wave of spending investment growth of 11.2% is should be monitored, and rising input this summer and fall. All indicators forecast for 2021 according to the prices could become an increasingly point to 2021 being a banner year for Q2 update to the 2021 Equipment significant concern in the months equipment and software investment, Leasing & Finance US Economic ahead. and the equipment finance industry is Outlook released by the Equipment poised to benefit from that expected Leasing & Finance Foundation.
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