Singapore sovereign wealth fund GIC has taken a minority shareholding in Nordic Aviation Capital (NAC) in a deal that closed today.
GIC, which agreed the deal to take a shareholding in the regional jet lessor in October, will also inject new capital into the company. EQT VI and chairman Martin Moller both remain shareholders.
"We have been deliberate in our choice of partner; GIC is one of the most sophisticated investors, and this landmark transaction will provide a unique opportunity for further growth and expansion with a strategic partner who has significant aircraft leasing experience," says Moller in a statement issued today.
“We are delighted to welcome GIC on board as a minority shareholder," says NAC chief executive Soren Overgaard. "Securing a new investor is a testament to our continued strategy to be the global leader in regional aircraft leasing."
Upon the announcement today, Kroll Bond Rating Agency writes: "NAC may benefit from a more stable capital base with long-term capital support from GIC, which has had a long history of investing in the aircraft leasing sector".
KBRA, which does not expect the closing to have a significant impact on the lessor's financial metrics or strategic direction, most recently affirmed NAC's issuer and senior unsecured debt ratings of "BBB+" and "BBB", respectively, on 1 May.
NAC has a fleet of 480 aircraft with a value of $8.3 billion, Moller says in the statement.