Global private equity and venture capital news and research

Cerberus cuts AerCap stake to 10% following $120m share sale

23 Aug 2012

Cerberus Capital Management has sold 10 million shares in aircraft leasing company AerCap for $120m.

Aercap Holdings made the purchase at an aggregate $0.09 per share discount on the company’s $12.09 closing price on August 17.

Cerberus continues to hold more than 10 per cent of AerCap’s outstanding ordinary shares following the transaction.

AerCap’s buyback follows a previously announced programme under which AerCap can purchase up to $200m of ordinary shares before June 30 next year.

The company said up to $104m in additional shares were available for it to purchase under that programme as of August 20.

Earlier this year Cerberus secured $1.1bn of commitments for the first close of its fifth distressed debt fund.

Cerberus Institutional Partners Series V is targeting a final close of $3.75bn, around half of the commitments secured for the fund’s 2007 vintage predecessor.

Cerberus had initially set a target of $4bn for CIPIV but managed to double commitments on the back of exceptional investor demand, eventually closing on $7.5bn.

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