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These excerpts taken from the AYR 10-K filed Mar 2, 2009. Equity
Offerings
On August 11, 2006, we completed our initial public
offering of 10,454,535 common shares at a price of $23.00 per
share, raising approximately $240.5 million before offering
costs. The net proceeds of the initial public offering, after
our payment of $16.8 million in underwriting discounts and
commissions and $4.1 in offering expenses, were
$219.6 million, of which $205.5 million was used to
repay a portion of the outstanding balance on Amended Credit
Facility No. 2. The remainder of the net proceeds was used
for working capital requirements and to fund additional aircraft
acquisitions.
On February 13, 2007, we completed a follow-on public
offering of 15,525,000 common shares at a price of $33.00 per
share, raising $512.3 million before offering costs. The
net proceeds of the offering, after our payment of
$17.9 million in underwriting discounts and commissions and
$1.3 million in offering expenses, were
$493.1 million, $398.1 million of which was used to
repay borrowings under Amended Credit Facility No. 2 and
$75.0 million of which was used to repay borrowings under
the Revolving Credit Facility. The remainder of the net proceeds
was used for other general corporate purposes.
On October 10, 2007, the Company completed a second
follow-on public offering of 11,000,000 primary common shares at
a public offering price of $31.75 per share, including 1,000,000
common shares pursuant to the underwriter’s option to cover
over-allotments, resulting in gross proceeds from the offering
of $349.3 million before offering costs. The net proceeds
of the offering, after our payment of $10.5 million in
underwriting discounts and commissions, and approximately
$1.0 million in offering expenses were $337.8 million.
Approximately $230.9 million of the proceeds was used to
repay borrowings under Amended Credit Facility No. 2. The
remainder of the net proceeds was used for aircraft acquisitions
and working capital requirements. In conjunction with the second
follow-on public offering, certain Fortress Shareholders offered
11,000,000 secondary common shares in the public offering,
including 1,000,000 common shares from the selling Fortress
Shareholders pursuant to the underwriter’s option to cover
over-allotments. The Company did not receive any funds from this
secondary offering by the selling Fortress Shareholders.
Table of Contents
Equity Offerings On August 11, 2006, we completed our initial public offering of 10,454,535 common shares at a price of $23.00 per share, raising approximately $240.5 million before offering costs. The net proceeds of the initial public offering, after our payment of $16.8 million in underwriting discounts and commissions and $4.1 in offering expenses, were $219.6 million, of which $205.5 million was used to repay a portion of the outstanding balance on Amended Credit Facility No. 2. The remainder of the net proceeds was used for working capital requirements and to fund additional aircraft acquisitions. On February 13, 2007, we completed a follow-on public offering of 15,525,000 common shares at a price of $33.00 per share, raising $512.3 million before offering costs. The net proceeds of the offering, after our payment of $17.9 million in underwriting discounts and commissions and $1.3 million in offering expenses, were $493.1 million, $398.1 million of which was used to repay borrowings under Amended Credit Facility No. 2 and $75.0 million of which was used to repay borrowings under the Revolving Credit Facility. The remainder of the net proceeds was used for other general corporate purposes. On October 10, 2007, the Company completed a second follow-on public offering of 11,000,000 primary common shares at a public offering price of $31.75 per share, including 1,000,000 common shares pursuant to the underwriter’s option to cover over-allotments, resulting in gross proceeds from the offering of $349.3 million before offering costs. The net proceeds of the offering, after our payment of $10.5 million in underwriting discounts and commissions, and approximately $1.0 million in offering expenses were $337.8 million. Approximately $230.9 million of the proceeds was used to repay borrowings under Amended Credit Facility No. 2. The remainder of the net proceeds was used for aircraft acquisitions and working capital requirements. In conjunction with the second follow-on public offering, certain Fortress Shareholders offered 11,000,000 secondary common shares in the public offering, including 1,000,000 common shares from the selling Fortress Shareholders pursuant to the underwriter’s option to cover over-allotments. The Company did not receive any funds from this secondary offering by the selling Fortress Shareholders.
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