Bermuda aircraft leasing company plans IPO
Bermuda-domiciled aircraft leasing company Intrepid Aviation Ltd is planning an initial public offering of its shares.
Intrepid said in a press release yesterday that it has confidentially submitted a draft registration statement to US regulator the Securities and Exchange Commission for a possible IPO.
The number of shares of common stock to be sold and the price range for the proposed offering has not yet been determined.
The proposed offering is expected to commence after the SEC completes its review process, subject to market conditions and other conditions.
Intrepid, which is led by chief executive officer Frank Pray, says on its website that fleet consists of “young, fuel-efficient commercial jet aircraft”, manufactured by Boeing and Airbus.
It owns planes valued at around $1 billion and has another $1.7 billion of new aircraft committed for delivery this year and next year.
Intrepid’s customers include Alitalia, China Airlines, Philippine Airlines and Skymark, as well as other carriers based in Europe, Asia and Africa.
The firm is backed by two New York private-equity firms, Centrebridge Partners LP and Reservoir Capital Group LLC.
The Bermuda exempted company has offices in New York, Dublin and Singapore.