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Aircraft leasing company Intrepid Aviation files for IPO

Nov. 13, 2014, Stamford, Conn. - Intrepid Aviation Ltd, an aircraft leasing company, filed with U.S. regulators on Wednesday for an initial public offering of common stock.


November 13, 2014
By Reuters

The company owned 16 aircraft, mostly Airbus A330s and Boeing 777s, with net book value of about $1.7 billion as of June 30

Intrepid has leased its planes to 13 airline companies, including Air France KLM SA Thai Airways International and Alitalia, according to its IPO filing.

The company competes with AerCap Holdings NV, Avolon Holdings Ltd, CIT Aerospace and GE Commercial Aviation Services Ltd.

The percentage of commercial aircraft fleet under lease has risen from less than 2 percent since 1980 to 40 percent in 2014, Intrepid said in its filing.

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The company also cited Boeing Capital’s industry forecast to highlight the demand, saying half of the in-service fleet by the end of this decade will be under lease.

Intrepid’s rental income rose to $73.2 million from $9.4 million for the six months ended June 30. Net loss widened to $4.8 million from $3.2 million, during the same period.

The company counts funds affiliated with Reservoir Capital Group LLC and Centerbridge Partners LP among its stockholders and has raised about $1.8 billion through debt financing.

Intrepid Aviation intends to list its common stock on the New York Stock Exchange under the symbol “INTR”.

The Stamford, Connecticut-based Intrepid listed Goldman Sachs, BofA Merrill Lynch and Deutsche Bank Securities among its underwriters.

The IPO filing, which included a nominal fundraising target of about $150 million, did not reveal how many shares the company planned to sell or their expected price.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.