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Greenstone sets $3bn target for book Back
Greenstone, a new start up aviation finance company, will have created a $2-3 billion book of business in 2 to 3 years said its chief executive John Slattery in his exclusive interview with Finance Dublin on page 14 of this issue. The company has so far has raised $100 million in equity from Jefferies partners but has a target of $500 million in equity. Slattery says, due diligence is being currently undertaken on further equity investment.

Considering these figures the company’s total leverage will be 4-6 times at the target $500 million of equity. The company will be looking for debt financing in a difficult funding market. However, Slattery is confident that the company’s proposition to the market of sale and leaseback of the best planes by Greenstone who have with no legacy issues and other mitigating factors will guarantee Greenstone will ‘get cash’.

The difference between the value of an aircraft during an economic boom and a recession is typically 12 to 15 per cent, Slattery says. In the current cycle, worsened by the credit crunch, the gap could be as much as 20 per cent. In addition to receiving monthly leasing payments, aircraft lessors retain the planes for possible sale later.
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