Waha Capital PJSC (WAHA), an Abu Dhabi investment firm, will raise $575 million from a hedging deal with banks including Deutsche Bank AG (DBK) and Citigroup Inc. (C) on half its stake in aviation leasing company AerCap Holdings NV. (AER)
Waha has entered the transaction on 14.9 million of its shares in New York-listed AerCap, which locks in the share value at a minimum of $42.39 and a maximum of $61.23, according to a statement posted on Abu Dhabi stock exchange today. The money raised will be used to pay debt and fund future investments, Waha said. AerCap shares closed at $49.17 in New York yesterday.
The deal is a funded collar transaction with Deutsche Bank, Nomura International Plc and Citigroup, according to a separate AerCap statement late yesterday. Under the terms of the deal, Citigroup and Deutsche Bank will borrow 14.9 million AerCap shares and then sell 10.2 million through an underwritten offering, with the remainder sold by the three banks in block or negotiated deals on the New York Stock Exchange.
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