SALE Wins Deal of the Year Award
06 Mar 2007
Singapore Aircraft Leasing Enterprise (SALE) has won the Editor's Award in the latest Airfinance Journal Deal of The Year Awards. The award is in recognition of the successful sale of the company to Bank of China in December 2006. This saw SALE achieve an enterprise value of US$3.25 billion, making it the most prized of several major aircraft leasing company acquisitions in recent years.
Commenting on the award, Janet du Chenne, Editor of Airfinance Journal said that a young portfolio, valuable future order book and an emphasis on competitive and diversified financing were all factors which had made SALE especially attractive to investors.
"The acquisition of SALE by Bank of China has set a new benchmark for other leasing companies and this award recognises the outstanding value created by the company," she said. "As one banker told us, and the view is shared by many, if you want to own an aircraft leasing company, you want to own SALE."
Airfinance Journal is part of the London-based Euromoney group, one of the world's leading finance publishing groups. The publication is read by aircraft financiers and airline and aerospace executives worldwide. Its annual awards celebrate the most innovative deals in the aviation-related finance sector and are based directly on industry feedback.
SALE is the leading Asia-based aircraft leasing company, with a current portfolio of 74 aircraft in service with 28 airlines worldwide. The company also has 66 aircraft on firm order with Airbus and Boeing for delivery through to 2012.
The successful sale to Bank of China was arranged by Citigroup and completed on 15 December 2006. The enterprise value of US$3.25 billion is based on total debt of US$2.28 billion and purchase price for equity of US$965 million.