NEW YORK, Aug. 28, 2023 (GLOBE NEWSWIRE) -- PK Airfinance, a leading aviation lending platform backed by Apollo (NYSE:APO), has agreed to acquire the majority of an approximately $920 million portfolio of secured aviation loans from Standard Chartered, with Apollo affiliates agreeing to purchase the balance of the portfolio. The sale and transfer of the loans is subject to customary closing conditions and is expected to close year-end 2023.
“We are pleased to announce this transaction with Standard Chartered and to add significant scale and airline reach to our aviation finance businesses,” said Gary Rothschild, Partner and Head of Aviation Finance at Apollo. “This transaction is another example of our ability to provide large, bespoke capital solutions to a broad range of market participants across the global aviation industry.”
Rothschild continued, “As a prominent player in the aviation finance sector across both lending and leasing, Apollo remains committed to supporting the success of its clients across the industry. We continue to believe that there is significant value in pairing our integrated aviation finance platform’s structuring expertise and flexible capital with deep technical knowledge and direct airline origination capabilities.”
Mizuho Americas served as Lead Arranger and Advisor for the transaction, while Redding Ridge Asset Management served as Structuring Agent and Milbank LLP served as Lead Counsel.
Apollo’s aviation business, including the PK Airfinance platform, serves as a go-to lender in the industry with over $40 billion of commitments to-date and current loan portfolio of $4 billion, in an asset class that has shown resilient historical performance throughout market cycles. Apollo and PK have built extensive relationships across the industry and serve more than 80 borrowers across 40-plus countries.
About PK Airfinance
PK Airfinance is a premier specialized aircraft and aircraft engine lending business with deep expertise in the aviation finance sector. Its comprehensive origination, underwriting, structuring and syndication capabilities are delivered by a team of experienced professionals, whose extensive experience in varied products and geographies was built over several decades and industry cycles. To learn more, please visit https://www.apollopkairfinance.com/.
Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of June 30, 2023, Apollo had approximately $617 billion of assets under management. To learn more, please visit www.apollo.com.
Global Head of Investor Relations
Global Head of Corporate Communications