Intrepid Aviation Ltd. has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO). No terms were given for the offering, but the filing is up to $150 million. The company will list on the New York Stock Exchange under the symbol INTR.
The underwriters for the offering were Goldman Sachs, Jefferies, Wells Fargo, Bank of America Merrill Lynch, Credit Agricole, Deutsche Bank, RBC Capital Markets and BNP Paribas.
Intrepid is a global leasing company that acquires and leases passenger aircraft to a diverse group of airlines throughout the world. Its strategy is to focus on young, modern, fuel-efficient twin-engine wide-body aircraft with long-term leases to well-established airlines.
At the end of June 30, the company had a diverse group of 13 airline customers in 11 different countries. These customers are well-established airlines or flag carriers, some of which are majority owned by governments. Intrepid’s focus will continually be placed on markets with the greatest growth in demand for air travel and twin-engine wide-body aircraft, especially in Asia Pacific, Africa, the Middle East and Latin America.
The company believes the twin-engine wide-body passenger aircraft market is a relatively less competitive lease market segment that has substantial latent demand. Intrepid’s owned and committed portfolio of aircraft includes popular twin-engine wide-body passenger aircraft such as the Airbus A330-300 and Airbus A330-200, Boeing 777-300ER and Boeing 787-8 Dreamliner.
Intrepid’s fleet has grown to 16 aircraft, worth $1.7 billion in net book value for the 12 months ended in June. This is up from $315.8 million in net book value for the same period in the previous year. The fleet has an average age of 1.8 years and an average remaining lease term of 10 years, weighted by net book value.
Looking forward from June 2014, the company had commitments to purchase 17 new aircraft directly from Airbus and Boeing with an aggregate purchase value of $4.7 billion at current list prices subject to the satisfaction of customary closing conditions, including Intrepid’s ability to secure adequate financing.
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