Newport Beach, Calif. (March 20, 2014) – Aviation Capital Group (ACG) announced today that it has redeemed all of the outstanding bonds of Aviation Capital Group Trust II (Trust II), an $1 billion asset backed securitization (ABS) completed in 2003.
Mr. Madhu Vijay, CFO of ACG stated that "Trust II was the first ABS completed post the events of 9/11 and we are very proud to be one of the first to pay off the notes in full. This transaction unencumbers significant assets and is another step in our continuing to strengthen and increase the flexibility of our balance sheet."
About Aviation Capital Group
Celebrating its 25th anniversary in 2014, ACG is one of the top aircraft operating lease enterprises in the world with a portfolio in excess of 250 commercial aircraft leased to over 90 airlines in more than 40 countries. ACG also maintains one of the industry’s largest new aircraft order books with more than 140 additional Boeing and Airbus aircraft on order. ACG has an investment grade credit rating and is a wholly owned subsidiary of Pacific Life Insurance Company (“Pacific Life”). Founded in 1868, Pacific Life is one of the leading U.S.-based life insurance companies. As of December 31, 2013, Pacific Life has in excess of $120 billion in assets under management and financial strength ratings of A+/A1/A+ (Standard & Poor’s, Moody’s, Fitch Ratings).