Tag: Sheet (Page 2 of 2)

Cessna Citation Longitude Begins Production Deliveries

October 6, 2019 / WIL BALDWIN

WICHITA, Kansas–(BUSINESS WIRE)– Textron Aviation Inc., a Textron Inc. (NYSE: TXT) company, today announced the first deliveries of the company’s new flagship Cessna Citation Longitude super-midsize business jet, signaling the start of a new dimension in business travel. The Longitude received FAA type certification on September 21, 2019.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191002005194/en/

“The newly certified Citation Longitude brings unrivaled technology to the business travel market, for both the passenger and the pilot, offering our customers the most efficient and productive super-midsize jet now in operation,” said Ron Draper, president and CEO. “We are thrilled to now transition this program into service.”

The Longitude features the longest maintenance intervals in its class – 800 hours or 18 months – and is the most cost-effective aircraft in its category.

“The Longitude was designed around maximizing reliability and operational availability for our customers,” said Kriya Shortt, senior vice president, Global Customer Support. “The Longitude’s industry-leading on-board diagnostics system is backed by Textron Aviation’s team of 3,000 customer service employees. Our expert technicians trained alongside the development of the program and are ready to support our customers wherever they are in the world.”

The clean-sheet design of the Longitude integrates the latest technology throughout the aircraft, including the next evolution of the Garmin G5000 flight deck. The comfortable, bespoke interior of the Longitude has class-leading legroom, cabin sound levels that are nearly twice as quiet as the nearest competitor, a low cabin altitude of 5,950 feet and more standard features than all other competitors in this segment.

About the Citation Longitude
With a range of 3,500 nautical miles (6,482 kilometers) and full fuel payload of 1,600 pounds (726 kilograms), the Citation Longitude is designed to elevate passenger expectations in the super-midsize class by delivering the quietest cabin, a low cabin altitude (5,950 feet/1,814 meters), more standard features and a comfortable, bespoke interior. With seating for up to 12 passengers, including an optional crew jump seat, the Longitude features a stand-up, 6-foot tall flat-floor cabin. A standard double-club configuration delivers the most legroom in the super-midsize class. Fully berthable seats are designed and manufactured in-house and a spacious walk-in baggage compartment is accessible throughout the entire flight. State-of-the-art cabin technology enables passengers to manage their environment and entertainment from any mobile device, while high-speed internet maximizes in-flight productivity.

The clean-sheet design of the Longitude integrates the latest technology throughout the aircraft, bringing customers the lowest ownership cost in its class. It features the next evolution of the Garmin G5000 flight deck and is powered by FADEC-equipped Honeywell HTF7700L turbofan engines with fully integrated autothrottles with envelope protection. The spacious cockpit incorporates easier access and an ergonomic design that fully focuses on crew comfort and efficiency.

No super-midsize business jet offers more range, greater payload or higher cruise speed at a lower expected total ownership cost.

Apollo and Athene to Acquire PK AirFinance From GECAS

August 29, 2019 / WIL BALDWIN

NEW YORK, Aug. 29, 2019 (GLOBE NEWSWIRE) — Apollo Global Management, LLC (together with its consolidated subsidiaries, “Apollo”) (APO); Athene Holding Ltd. (ATH); and GE Capital, the financial services arm of GE (GE), today announced that they have entered into a definitive agreement for Apollo and Athene to purchase PK AirFinance, an aviation lending business, from GE Capital’s Aviation Services (GECAS) unit. In connection with this transaction, Apollo will acquire the PK AirFinance aircraft lending platform and Athene will acquire PK AirFinance’s existing portfolio of loans.

PK AirFinance is a leading aircraft lending business that serves airlines, aircraft traders, lessors, investors and financial institutions globally with loans to borrowers in more than 40 countries. Financial details of the transaction were not disclosed, although the $3.6 billion of PK AirFinance financing receivables that were held for sale in the second quarter of 2019 are being sold at a premium to book value in this transaction.

Alec Burger, GE Capital President & CEO, said, “Apollo’s vast lending experience, complementary platforms, and exceptional track record across diversified assets and geographies make it the ideal partner to accelerate PK AirFinance’s growth. This sale is aligned to GE Capital’s overall strategy to become smaller and simpler, and our commitment to reduce our assets by $10 billion in 2019 is now more than halfway complete. We continue to focus on shrinking GE Capital’s balance sheet, achieving a debt-to-equity ratio of less than 4x by 2020, and supporting GE Industrial growth through our remaining GECAS, Energy Financial Services, and Industrial Finance businesses.”

Jim Belardi, CEO of Athene, said, “This transaction provides us with a unique opportunity to acquire a large, diversified portfolio of high-quality loans with attractive risk-adjusted returns. In addition, this deal is another great example of the unique benefits of our strategic relationship with Apollo and its commitment to building direct origination platforms in support of the continued growth of our business.”

James Zelter, Co-President of Apollo, said, “We are very excited to be acquiring the PK AirFinance platform which, under GE’s outstanding stewardship, has become one of the world’s leading aircraft lending businesses, and is highly complementary to our existing aircraft leasing capabilities. This transaction also demonstrates our ongoing commitment to meet the investment needs of Athene and our clients, and is consistent with our objective to continue to expand Apollo’s capabilities to directly originate high quality assets.”

PK AirFinance’s team of investment professionals, who primarily focus on originations and syndications as well as underwriting and portfolio management, will transfer to Apollo upon completion of the transaction.

Per Waldelof, president of PK AirFinance, said, “We have a great team of experts with tremendous execution capabilities and a proven ability to deliver results. We are confident that this transaction will ensure the continued stability of our business. We are excited for the opportunity to continue to serve our customers and the industry as part of the team at Apollo.”

The completion of the acquisition is subject to customary conditions and is expected to close during the fourth quarter of 2019. Citi and Goldman Sachs & Co. LLC provided financial advice and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clifford Chance LLP provided legal advice to GE Capital. Citi, RBC Capital Markets, and Mizuho provided debt financing for the transaction, and RBC Capital Markets served as financial advisor to Apollo.

Tesla Stock Drops For Sixth Straight Session

May 22, 2019 / WIL BALDWIN

SAN FRANCISCO (Reuters) – Tesla shares extended their recent sell-off on Wednesday after Citi cut its price target on the struggling electric car maker, leaving buyers of its recent share offer, including Chief Executive Elon Musk, $175 million in the hole.

Tesla’s stock dropped 5.5% to $193.88, on track to close below $200 for the first time since late 2016. It has lost a fifth of its value since the company sold a $1.84 billion convertible bond and almost $900 million of stock on May 2 to raise fresh capital and give it more time to stop losing money.

Citi analyst Itay Michaeli, who has a “sell” rating on Tesla, cut his price target to $191 from $238. He pointed to a an email Musk sent to employees last week, telling them he would increase cost-cutting, and that the $2.7 billion in recently raised capital would give Tesla just 10 months to break even at the rate it burned cash in the first quarter.

“The recent reported internal memo, which seemingly called into question prior guidance, didn’t help the risk/reward calculus. The implications can be serious, since an automaker’s balance sheet is always subject to the confidence ‘spiral’ risk,” Michaeli wrote in a client note.

Consumer Reports warned on Wednesday that a recent update to Tesla’s Autopilot driver assistance software does not work well and could be unsafe.

“It doesn’t appear to react to brake lights or turn signals, it can’t anticipate what other drivers will do, and as a result, you constantly have to be one step ahead of it,” Jake Fisher, Consumer Reports’ senior director of auto testing, said in a news release.

Tesla did not immediately respond to a request for comment. On April 22, Musk told investors that driverless Tesla “robotaxis” would be available in some U.S. markets next year, a claim met by skepticism by some self-driving experts.

UPPING HIS STAKE

Musk is battling to convince investors that demand remains high for the Model 3, the sedan targeted to propel Tesla to sustainable profit, and that it can be delivered efficiently and swiftly to customers around the world. Tesla lost $702 million in the first quarter and warned that profit would be delayed until the latter half of the year.

On Monday, Musk exercised options to buy 175,000 Tesla shares at $31.17 per share, increasing his indirect stake in the company to 34,102,560 shares, according to a filing. With Tesla’s stock down 41% year to date, Musk’s shares, including 102,880 he bought in this month’s capital raise, were worth $6.6 billion on Wednesday.

Tesla’s debt has stalled at lows hit earlier this week. Its recently issued convertible bond due in 2024 priced at 89.09 cents on the dollar, a record low. Its $1.8 billion junk bond traded at 82.5 cents on the dollar, slightly up from the all-time lows it hit on Monday and Tuesday.

The cost to insure Tesla’s debt, as measured by its credit default swap, edged up to roughly 28% of the face value of Tesla’s 2025 bond, from 27.6 % the day before.

(Reporting by Noel Randewich; additional reporting by Kate Duguid in New York and Vibhuti Sharma in Bengalaru; editing by Nick Zieminski and Jonathan Oatis)

How Wynn Resorts Could Free Up Billions in Cash

March 25, 2019 / WIL BALDWIN

One of the trends sweeping through the gaming industry over the past decade is selling real estate to real estate investment trusts (REITs). Sometimes companies control their REITs, like MGM Resorts (NYSE: MGM) does with MGM Growth Properties (NYSE: MGP) and Caesars Entertainment (NASDAQ: CZR) does with VIVI Properties(NYSE: VICI), and sometimes real estate is sold to third-party companies.

REITs free up cash for casino companies, often to the tune of billions of dollars. That money can help reduce debt or fund growth projects, which is attractive because it doesn’t fundamentally change a resort’s operations. But Wynn Resorts (NASDAQ: WYNN) has avoided the temptation to sell most of its real estate over the years. If it did, however, the company could free up billions of dollars in cash.

Wynn's Encore Boston Harbor. — Wynn’s Encore Boston Harbor.

Image source: Wynn Resorts.

Click the link below for the full story from “The Motley Fool”…

https://finance.yahoo.com/news/wynn-resorts-could-free-billions-163400237.html

Etihad Reports 3rd Consecutive Loss, Jobs & Aircraft Cuts

March 14, 2019 / WIL BALDWIN

ABU DHABI (Reuters) – Etihad Airways on Thursday reported its third consecutive annual loss despite finding cost savings of nearly half a billion dollars as it cut its workforce and fleet.

The Abu Dhabi state-owned airline blamed challenging market conditions including higher fuel prices for a $1.28 billion (965.2 million pounds) loss in 2018, narrower than the $1.52 billion it lost in 2017.

Etihad, which has trimmed its ambitions to be a major intercontinental airline to focus on point-to-point flights, has made losses of $4.75 billion since 2016.

Revenue fell nearly 4 percent to $5.86 billion last year, compared with the $6.1 billion it reported for 2017.

The airline launched a five-year turnaround strategy in 2017, the year current chief executive, Tony Douglas, was hired.

“In 2018, we continued to forge ahead with our transformation journey by streamlining our cost base, improving our cash flow and strengthening our balance sheet,” Douglas, said in a statement.

Etihad said it slashed costs by $416 million in 2018, or 5.5 percent, as it cut its workforce by 5 percent to 21,855.

The number of passengers carried fell by 4.3 percent to 17.8 million as it cut the number of aircraft in its fleet by nine and stopped flying to several routes it said were unprofitable.

Etihad has been rethinking its business since 2016 after piling billions of dollars into a failed strategy of buying minority stakes in other airlines.

Dozens of aircraft orders with Airbus and Boeing worth billions of dollars have since been canceled.

(Reporting By Stanley Carvalho; editing by Emelia Sithole-Matarise)

Hyatt Hotel’s Q3 Earnings Surpass, Revenues Miss Estimates

October 31, 2018 / WIL BALDWIN

Hyatt Hotels Corporation (H) posted mixed third-quarter 2018 results, wherein earnings surpassed the Zacks Consensus Estimate while revenues lagged the same. With this, the bottom line exceeded the consensus mark for 11 straight quarters, while the top line lagged the same for the third consecutive quarter.

Adjusted earnings of 33 cents per share outpaced the consensus estimate of 25 cents by 32%. The bottom line also grew 37.5% on a year-over-year basis. Total revenues of $1,074 million inched up 0.5% from the prior-year quarter figure but missed the consensus estimate of $1,092 million.

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Hyatt Hotel’s 3Q Earnings Report