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April 17, 2013
ACG prevails on appeal with Olympic Airlines
Aviation Capital Group Corp. (ACG) has prevailed in the appeal filed by Olympic Airlines (Olympic) concerning the April 2012 trial judgment in ACG’s favor. In a case that has attracted considerable attention in the aircraft leasing industry, the English Court of Appeal rendered judgment today in ACG’s favor in ACG Acquisition XX LLC v Olympic Airlines S.A. The Court of Appeal decision for ACG upheld the trial court’s judgment that Olympic was bound by its acceptance of a leased aircraft and, going further than the trial court’s judgment, validated that ACG’s lease agreement was effective in itself to transfer to Olympic at delivery the risks for the condition of the aircraft. As a result, Olympic remains liable for the substantial judgment amounts assessed by the trial court. By upholding a lessee’s acceptance of a leased aircraft, the judgment highlights the importance of commercial certainty to all participants in the aircraft leasing industry.
In August 2008, Olympic, the now-defunct Greek state airline, accepted a Boeing 737-300 aircraft from ACG Acquisition XX LLC after carrying out extensive pre-delivery inspections. It executed a Certificate of Acceptance confirming that the aircraft complied with the delivery conditions in all respects. Both the Malaysian and Greek aviation authorities issued certificates of airworthiness for the aircraft.
Subsequently, a fault was discovered with a spoiler cable, and following further inspections other issues were identified. Olympic carried out work on the aircraft but failed to return it to service. Both Courts confirmed that ACG was unaware of any defects in the aircraft when Olympic accepted the aircraft and certified that it complied with the delivery conditions. The Court of Appeal did not revisit the trial Court’s conclusion that Olympic’s ultimate failure to restore the aircraft to service cannot be attributed to any failure by ACG.
Olympic had refused to pay rent and minimum monthly maintenance reserves for the aircraft, and also claimed that it was entitled to be compensated for both the costs of replacement aircraft and the costs of repair. The Court of Appeal affirmed the trial judgment rejecting those claims, and therefore Olympic remains liable to ACG Acquisition XX LLC for all of the unpaid rent and maintenance reserves, plus damages to cover the remainder of the lease term.
The Court of Appeal demonstrated a clear understanding of the issues involved in aircraft operating leasing, including key differences between the aviation and shipping industries, and contracts typically entered into governing the use of their respective assets. The Court noted that with an asset as complex as a commercial aircraft, neither lessor nor lessee can be absolutely certain of an aircraft’s condition on delivery short of complete disassembly, which is impractical. For that reason, aircraft dry lease contracts such as the one at issue in this case allocate that risk between the parties, and provide a contractual mechanism whereby the parties may determine conclusively when risk for the condition of the aircraft passes to the lessee. The Court of Appeal held that the “conclusive proof” clause of ACG’s lease, together with the Certificate of Acceptance, provided such a mechanism and effectively transferred the risk to Olympic at delivery. “Today’s judgment by the English Court of Appeal is very good news for participants in the aircraft leasing industry,” said Loren M. Dollet, Executive Vice President and Chief Legal Officer of ACG. “We often select English law to govern our lease agreements, and the Court of Appeal has shown it understands several important risk allocation principles in our leases and has generated confidence they will be enforced. Having clear and certain interpretation of leases facilitates the efficient and cost-effective financing of aircraft, which benefits lessors and airlines alike.”
Notes for Editors:
1. The aircraft in this case is owned by the Claimant entity, ACG Acquisition XX LLC, which is a non-consolidated securitization vehicle for which ACG acts as Servicer
2. Any alleged defects were in no way attributable to ACG; prior to being leased to Olympic, all maintenance work was the responsibility of the previous lessee, AirAsia.
3. Following its repossession from Olympic by ACG, the aircraft was successfully returned to service and placed with a new lessee. It has operated without incident since that time.
4. Previously, an interim judgment had been given in which the Court held that Olympic had an arguable case for breach of contract and/or total failure of consideration. Despite the fact that it did not decide any questions of fact or points of law, that decision attracted considerable attention as a result of some of the judge’s non-binding comments concerning proper construction of the contract. Both the trial and appeal judgments which the Court have given do decide the case, and having considered Olympic's arguments, both Courts rejected them. The Court of Appeal said explicitly that where the interim judgment had taken a different approach to the interpretation of the contract, the Court of Appeal disagreed with it.
5. ACG is represented by Michael McLaren QC and Harriet Jones-Fenleigh of Fountain Court (barristers), and by Simmons & Simmons (solicitors), where the team was led by Nick Benwell and Stephen Moses.
6. Olympic is represented by Philip Shepherd QC and Edward Cumming of XXIV Old Buildings (barristers), and by Fulbright & Jaworski (solicitors).
About Aviation Capital Group:
ACG is the owner and manager of a diversified fleet of commercial jet aircraft leased to the world’s leading airlines. Its portfolio includes over 250 aircraft leased to approximately 90 airlines in 40 countries. ACG also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly-owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company.
Aviation Capital Group Comments on Standard & Poor’s Credit Rating Announcement
NEWPORT BEACH, Calif.--(BUSINESS WIRE)--R. Stephen Hannahs, Aviation Capital Group’s (ACG) group managing director and CEO, commented on today’s rating decision from Standard & Poor’s (S&P):
“We are disappointed with S&P’s decision as we feel S&P’s standardized methodology misses ACG’s more sophisticated operational and financial risk management practices. ACG has consistently maintained a strong balance sheet which has in fact strengthened over the past few years. We have been successful in self-funding our operations through diversified sources of capital and have continued to deliver consistent profits and cash flows year after year.”
In its announcement, S&P expressed concern that ACG’s credit metrics have been weaker than expected. In particular, S&P focused on ACG’s funds from operations (FFO) to debt that has averaged in the mid- to high-single-digit percent area. It should be noted that this FFO to debt ratio has been relatively stable and is in keeping with ACG’s leverage ratio of 4 to 1.
ACG’s financial position has never been stronger. Since Pacific Life’s initial investment in ACG in 1996, ACG has become a core business unit of Pacific Life, with ACG’s equity position now exceeding $1.2 billion. ACG is managed in a manner consistent with Pacific Life’s long term investment horizon in achieving appropriate risk adjusted returns and benefitting from Pacific Life’s strong asset and liability management (ALM) culture. ACG employs best-in-class ALM practices in managing lease revenue and interest expense positions. The company maintains a strong liquidity position and is an industry leader in developing and accessing the global capital markets, as demonstrated by the over $5 billion raised since the beginning of the financial crisis, including its global note program.
Finally, ACG has significant operating flexibility, benefiting from the young average age of its fleet, which is substantially unencumbered and consists of the type of aircraft most used by airlines around the world.
About Aviation Capital Group
ACG is the owner and manager of a diversified fleet of commercial jet aircraft leased to the world’s leading airlines. Its portfolio includes over 260 aircraft leased to approximately 90 airlines in 40 countries. ACG’s Capital Markets Group also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company. More information about ACG can be found at www.AviationCapital.com.
Denis Kalscheur Named Chief Executive Officer of Aviation Capital Group
NEWPORT BEACH, Calif., Sep 12, 2012 (BUSINESS WIRE) -- Aviation Capital Group's Chairman Khanh T. Tran announced today that Denis P. Kalscheur has been named chief executive officer of Aviation Capital Group (ACG), effective January 1, 2013. ACG is a wholly owned subsidiary of Pacific Life Insurance Company and is engaged in the acquisition and leasing of new commercial jet aircraft to the world's airlines. Mr. Kalscheur will succeed R. Stephen Hannahs, who will retire at the end of the year. Mr. Hannahs is one of the founders of ACG and has overseen its growth as group managing director and CEO since ACG's founding in 1989. Mr. Hannahs will continue to serve on the board of ACG, in the new position of vice-chairman, and provide advice to the chairman and CEO regarding strategic direction and other matters.
Mr. Kalscheur joined Pacific Life in 2007 where he currently serves as senior vice president and treasurer. He is responsible for the company's corporate finance and treasury operations, its institutional investment products business, financial planning and budgeting, as well as other strategic initiatives. Mr. Kalscheur also served as chairman of College Savings Bank prior to its sale by Pacific LifeCorp earlier this year. Mr. Kalscheur's previous experience in the airline industry includes having served as CEO of Elsinore Aerospace, a global aviation engineering and certification, maintenance, modification, and quality management company. In addition, he served as CFO of AirCal/ACI Holdings, Inc., a U.S. passenger airline acquired by American Airlines and he served as vice president and treasurer of both Tiger International, Inc. and The Flying Tiger Line Inc., a global diversified transportation company and global scheduled cargo airline acquired by FedEx. Mr. Kalscheur received his bachelor's in business administration and MBA from the University of Wisconsin-Madison where he is an emeritus director on the Dean's Advisory Board for the Wisconsin School of Business. Mr. Kalscheur also is a member of World Presidents' Organization.
"Denis has extensive executive leadership experience from treasurer and CFO to CEO across multiple industries in airlines/aviation/aerospace, banking, insurance and other financial services, and product marketing and distribution," said Mr. Tran. "Denis's strong leadership abilities and his breadth and depth of experience make him ideally suited to this role."
Mr. Tran continued, "Under Steve's stewardship, ACG has grown from 12 aircraft into a leading global aircraft operating leasing enterprise with a portfolio of 260 aircraft. Steve's passion for the aviation industry, along with his extensive knowledge and relationships, were major contributors to the success of ACG. Steve has worked hard during his career and has earned the opportunity to enjoy more time with his family and outside interests. We wish Steve the very best."
About Aviation Capital Group
ACG is the owner and manager of a diversified fleet of commercial jet aircraft leased to the world's leading airlines. Its portfolio includes over 260 aircraft leased to approximately 90 airlines in 40 countries. ACG's Capital Markets Group also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company. More information about ACG can be found at www.AviationCapital.com .
Boeing, ACG Announce 737 MAX Commitment and Next-Generation 737 Order
Commitment for 35 737 MAX airplanes
ACG first leasing company to announce commitment for 737 MAX
Firm order for 20 Next-Generation 737-800s
SEATTLE, Nov. 17, 2011 – Boeing (NYSE: BA) and Aviation Capital Group (ACG) today announced the leasing company’s commitment for 35 737 MAX airplanes and its firm order for 20 Next-Generation 737-800s. The Newport Beach, Calif.-based ACG is the first airplane leasing company to announce a commitment to the 737 MAX.
“ACG is a leader in the commercial airplane leasing industry and its intelligent fleet decisions have contributed to the company’s 22 consecutive years of profitability,” said Ray Conner, senior vice president of Sales and Customer Support for Boeing Commercial Airplanes. “The ACG leadership team understands the importance of having advanced, highly competitive airplanes to meet their customers’ needs in today’s marketplace. This commitment will provide ACG with airplanes featuring performance improvements and the innovative Boeing Sky Interior that will keep its airplanes at the leading edge of passenger comfort, efficient operations and reduced fuel consumption."
The new 737 MAX family will be powered by CFM International LEAP-1B engines. The new-engine variant will have a 7 percent operating cost advantage over tomorrow’s competition. The airplane will have the capacity for increased range while providing better fuel efficiency than today’s already-efficient Next-Generation 737.
The Next-Generation 737 family is the world's best-selling airplane, consistently delivering outstanding operational and financial performance across the widest range of missions. Today’s Next-Generation 737-800, which can seat up to 189 passengers, can fly 260 nautical miles farther and consume 6 percent less fuel while carrying 12 more passengers than the competing model.
"The 737 is one of the prime building blocks of our portfolio strategy," said R. Stephen Hannahs, group managing director and chief executive officer of ACG. "These new 737NG and 737 MAX airplanes will continue our long-standing strategy of providing our customers the most fuel efficient, most capable airplanes with the lowest operating costs."
With today's announcement, ACG has ordered or committed to a total of 151 Boeing airplanes made up of 111 Next-Generation 737s, 35 737 MAXs and five 787 Dreamliners. This includes 15 Next-Generation 737s for which ACG acquired delivery positions from another airline in 2006.
Aviation Capital Group (ACG), the United States based global aircraft leasing company, signed a purchase agreement with Airbus for 30 eco-efficient A320neo Family aircraft today at the 2011 Dubai Airshow.
This latest order from ACG for 30 A320neo’s brings the lessor’s total A320 Family order book to 98 aircraft. Engine selection on ACG’s A320neo fleet will be made at a later date.
“Faced with increasing fuel prices and tough competition, we are seeing a stronger than ever demand from our customers for modern fuel-efficient aircraft such as the A320neo,” said Stephen Hannahs, CEO and Group Managing Director, Aviation Capital Group. “With the neo, we are able to offer our customers a tool which cuts fuel burn by 15%. There’s no doubt that this aircraft will be snapped up by operators worldwide.”
“We may have taken more time than other Leasing Companies to make the neo selection, but we wanted to test customer reaction, financial community acceptance and the fit within the ACG long term fleet plan – it passed with flying colors on all counts,” said John Feren, EVP Global Marketing, Aviation Capital Group.
“It’s great to see ACG becoming the latest leasing company to order our new, fuel efficient A320neo,” said John Leahy, Chief Operating Officer Customers. “This is a clear signal from the market that the A320neo is a great long term investment and will be the backbone of lessors’ portfolios for the years to come.”
Over 8,100 A320 Family aircraft have already been ordered and more than 4,800 delivered to more than 340 customers and operators worldwide reaffirming its position as the world’s best-selling single-aisle aircraft family. The A320neo has over 95 percent airframe commonality with the current A320, making it an easy fit into existing fleets while offering up to 500 nautical miles (950 kilometres) more range or two tonnes more payload at a given range.
The A320neo is a new engine option for the A320 Family entering into service from 2015 and incorporates latest generation engines and large "Sharklet" wing tip devices, which together will deliver 15 percent in fuel savings. This reduction in fuel burn is equivalent to 1.4m litres of fuel – the consumption of 1,000 mid size cars. This saves 3,600 metric tonnes of C02 per aircraft per year, the amount absorbed by 240,000 mature trees. The A320neo NOx emissions are 50% below CAEP/6 and this aircraft also has a considerably smaller noise footprint.
Aviation Capital Group Establishes U.S. $500,000,000 Multicurrency Medium Term Note Program
NEWPORT BEACH, Calif.--Aviation Capital Group Corp. (“ACG”) announced today that it has filed documentation with and received approval fromthe Singapore Exchange Securities Limited (“SGX-ST”) to issue unsecured Medium Term Notes from time to time which may be denominated in various currencies and listed on the SGX-ST or other stock exchanges.(Unlisted notes may also be issued pursuant to the Program.)The aggregate nominal amount of such notes will not at any time exceed U.S. $500,000,000. Proceeds from the offering(s) are expected to be used for general corporate purposes.
ACG is a leading operating lessor of commercial jet aircraft to airlines worldwide. ACG manages a portfolio of more than 245 aircraft on lease to more than 90 airlines.ACG was founded in 1989 and is a wholly owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Note, nor shall there be any offer, solicitation or sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
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The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States, and Notes in bearer form are subject to US tax law requirements. The Notes may not be offered, sold or (in the case of Notes in bearer form) delivered within the United States to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the Securities Act) except in certain transactions exempt from the registration requirements of the Securities Act.
Aviation Capital Group Closes $750,000,000 Senior Notes Offering
April 7, 2011
Aviation Capital Group Closes $750,000,000 Senior Notes Offering
NEWPORT BEACH, Calif.--Aviation Capital Group (ACG) announced today that it has closed the sale of $750 million of its 6.750% senior notes due April 6, 2021. Proceeds from the offering will be used for general corporate purposes.
The joint book-running managers for the offering were BNP Paribas Securities Corp., Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC.
In 2010, ACG issued $600 million of Rule 144A senior notes and $255 million of privately placed unsecured notes. Including the sale of the notes announced today, ACG has raised a total of approximately $3.64 billion in debt financing since the beginning of 2008.
ACG is a leading operating lessor of commercial jet aircraft to airlines worldwide. ACG manages a portfolio of over 245 aircraft, which are leased to more than 90 airlines in 38 countries. In addition to leasing the aircraft that it owns, ACG also provides aircraft management and remarketing services to third-party investors and financial institutions. ACG was founded in 1989 and is a wholly owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any Note, nor shall there be any offer, solicitation or sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
.The Notes were issued in a private placement transaction and were offered and resold inside the United States to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (Securities Act), and outside the United States to non-U.S. persons in reliance on Regulation S under the Securities Act. The Notes have not been and will not be registered under the Securities Act or any state securities laws. Further, the Notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements and, therefore, will be subject to substantial restrictions on transfer.
Aviation Capital Group issues $255 million in Medium Term Notes
Newport Beach (CA), April 12, 2010: Aviation Capital Group, one of the world’s Tier 1 commercial aircraft leasing companies, issued $255 million in Unsecured Medium Term Notes on April 8 it was announced today.
The notes were issued in three tranches of five-, seven-, and 10-year bullet maturities, with the majority of demand for the longer tranche. The issue, originally offered at $100 million, was oversubscribed three times.
With this transaction, ACG has sourced approximately $2 billion of capital since January 1, 2009, reflecting ACG’s ability to access capital during an extremely challenging capital environment.
“ACG’s ability to access multiple sources of financing has been a key strength during the recent economic downturn,” said R. Stephen Hannahs, Group Managing Director and Chief Executive Officer of ACG.
“A key element of ACG’s financial philosophy is the strategic decision to shift from secured financings, such as aircraft-backed securitizations and secured warehouse bank debt, to corporate unsecured borrowings,” Hannahs said. “Shifting to unsecured borrowings allows us to improve financial flexibility and have substantially greater flexibility in deploying our aircraft, which better serves our customers.”
Hannahs said ACG will make increasing use of unsecured borrowings in the future.
ACG’s financial strength is further demonstrated by the continued deleveraging of the Company and a capital structure in which more than 85% of its debt obligations mature in greater than five years. Despite the global recession, ACG’s revenues from operating leases increased in 2009 over 2008 and the Company posted its 20th consecutive year of record profitability.
ACG has more than 140 Boeing 737NGs, the Airbus A320 family and Boeing 787s on order for delivery through 2017; all aircraft are financed through next year.
BNP Paribas and Citi managed the placement.
About Aviation Capital Group:
ACG is the owner and manager of a diversified fleet of commercial jet aircraft leased to the world’s leading airlines. Its portfolio includes 242 aircraft leased to 94 airlines in 39 countries. ACG’s Capital Markets Group also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly owned subsidiary of Pacific Life Insurance Company, a Pacific LifeCorp company. See www.aviationcapital.com.
(Rolls-Royce, December 16, 2009): Rolls-Royce, the global power systems company, has won its first order from US lessor Aviation Capital Group (ACG), for Trent 1000 engines to power all five Boeing 787 Dreamliner aircraft already purchased by ACG. The contract is worth $170m at list prices.
The aircraft, ordered by ACG in 2007, represent a significant addition to its portfolio as the company’s first next generation widebody purchase.
R. Stephen Hannahs, Aviation Capital Group Chief Executive Officer & Group Managing Director, said: “We are delighted to celebrate the 787’s first flight with this announcement. The Trent 1000 provides us with an excellent combination of operating and ownership economics. We are confident in its performance and its ability to meet our expectations and those of our customers.”
The 787 will produce 20 per cent less CO2, 40 per cent less NOx and 50 per cent less noise than current generation aircraft.
Mark King, Rolls-Royce President – Civil Aerospace, said: “I am delighted that this order starts what I have no doubt will be a long and successful relationship with ACG. I am particularly pleased that such a key player in the leasing market has shown its trust in our Trent 1000 technology by selecting the engine for all its aircraft.”
Rolls-Royce has a leading 50 per cent market share on modern, widebody aircraft, with more than 1,500 Trentâ engines in service on more than 550 aircraft and a further 2,500 engines on order. Each of the six members of the Trent family have either been the first or launch engine on the airframe, or have gone on to take the leading market share.
ACG has previously selected V2500 engines produced by International Aero Engines, a multinational aero engine consortium whose shareholders comprise Pratt & Whitney, Rolls-Royce, the Japanese Aero Engines Corporation and MTU Aero Engines.
1.Rolls-Royce, a world-leading provider of power systems and services for use on land, at sea and in the air, has established a strong position in global markets - civil aerospace, defence aerospace, marine and energy.
2.As a result of this strategy, Rolls-Royce today has a broad customer base comprising more than 600 airlines, 4,000 corporate and utility aircraft and helicopter operators, 160 armed forces, more than 2,000 marine customers, including 70 navies, and energy customers in nearly 120 countries, with an installed base of 54,000 gas turbines.
3.Rolls-Royce employs over 38,000 skilled people in offices, manufacturing and service facilities in 50 countries. The Group has a strong commitment to apprentice and graduate recruitment, and to further developing employee skills.
4.Sixty per cent of research and development investment and 40 per cent of new product development spending over the past five years has been outside the UK, with particularly strong relationships with the 27 universities worldwide where there are Rolls-Royce University Technology Centres.
5.In 2008, Rolls-Royce invested £885 million on research and development, two thirds of which had the objective of further improving the environmental aspects of its products, in particular the reduction of emissions.
6.Annual underlying revenues were £9.1 billion in 2008, of which 52 per cent came from services revenues. The firm and announced order book stood at £57.5 billion at 30 June 2009, providing visibility of future levels of activity.
7.ACG is the owner and manager of a diversified fleet of commercial jet aircraft leased to the world’s leading airlines. Its portfolio includes 241 aircraft leased to 94 airlines in 41 countries. ACG’s Capital Markets Group also provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly-owned subsidiary of Pacific LifeCorp.
Aviation Capital Group Launches New Ex-Im Bank Aircraft Financing Structure
Newport Beach, CA, June 12, 2009: Aviation Capital Group (ACG), one of the world’s top tier aircraft leasing companies, announced today that it plans to use a new financing structure in conjunction with the Export-Import Bank of the United States (Ex-Im) for aircraft financing. This new structure taps capital markets that have been largely closed to commercial aviation since the credit market crisis began last September.
The transaction provides for the capital markets issuance of more than $850 million in debt backed by Ex-Im to support the financing of 22 Boeing 737s to be delivered to ACG during the next two years.The transaction is a combination of Final Commitment and Preliminary Commitments and that the conversion of the Preliminary Commitment into a Final Commitment requires approval by Ex-Im’s Board of Directors.
This template could open financial resources in the United States and help close the “funding gap” widely discussed in aviation industry circles for much of this year. Financial market sources believe that European Export Credit Agencies are contemplating similar capital markets structures with a view towards further increasing available liquidity for the airline industry.
ACG’s transaction involves 22 Boeing 737s, which may be -700 and/or -800 models, to be delivered in 2009 through 2010. These are part of an ACG backlog of more than 80 Boeing order positions.The financing amount is more than $850 million.
The aircraft will all be leased to non-U.S. airlines in conformance with standard Ex-Im financing practices and with ACG’s own long-standing business strategy focusing on the global aviation marketplace.All of ACG’s aircraft deliveries through 2010 have been placed.
ACG is the first aircraft lessor to use this Ex-Im bond structure. This demonstrates the strength of ACG’s business strategy and its ability to obtain financing in the current challenged capital market. Despite multiple economic cycles, ACG has been profitable every year since its founding.
Aviation Capital Group is the owner/lessor and portfolio manager of a diversified fleet of commercial jet aircraft leased to the world’s leading airlines. Its portfolio includes more than 230 jets leased to more than 90 airlines in 42 countries.ACG’s Capital Markets Group provides asset management and remarketing services to aircraft investors and institutional clients. ACG was founded in 1989 and is a wholly-owned subsidiary of Pacific LifeCorp, the parent company of Pacific Life Insurance Company.
