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Deals news in brief

01 May 2008

Read more: cit wolbern aer lingus babcock calyon

  • Despite CIT's financial difficulties, the company raised $1 billion in the public markets in April. CIT made concurrent offerings of common stock and non-cumulative perpetual convertible preferred stock, Series C, with a liquidation preference of $50 per share, for an aggregate of $1 billion. CIT will use the net proceeds for general corporate purposes, including the payment of dividends on its outstanding preferred stock for the second quarter of 2008 of about $8 million and the payment of interest on its outstanding junior subordinated notes in the third quarter of 2008 of about $23 million. JPMorgan Securities, Morgan Stanley, Lehman Brothers and Citigroup are serving as joint bookrunners for the offerings. The financial services company said in its first-quarter report that it would sell $770 million of aircraft assets, $300 million of which closed in the first quarter.

    CIT reported $257 million of losses in the first quarter of 2008...


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Quote

"If a lessor cannot move an aircraft to growth areas, it affects a lessor's ability to remarket the aircraft and there is a case then to depreciate this asset quicker than expected"

Bertrand Grabowski, managing director and board of directors, DVB Bank

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