Aviation Leasing Firm AerCap Shares Slip As General Electric Sells $2.4B Worth Of Stake

Aviation leasing company AerCap Holdings N.V. AER said GE Capital US Holdings Inc, a wholly owned subsidiary of General Electric Company GE, is selling 40.68 million of its ordinary shares.

The equity offering is priced at $59 per share, representing a 4.5% discount to AerCap’s closing price on September 11.

The secondary offering was upsized from the previously announced secondary offering of 32.4 million shares.

In addition, General Electric has granted the underwriters a 30‑day option to purchase up to 6.1 million additional shares.

The gross proceeds from the offering for General Electric will be about $2.4 billion.

Repurchase: As part of the secondary offering, AerCap will repurchase 15.25 million of its ordinary shares from the underwriters at price per ordinary share equal to $57.53.

Also Read: GE Aerospace Partners With Bell Textron For V-280 Valor Military Aircraft System

Price Action: AER shares are trading lower by 4.84% at $58.80 in premarket on the last check Tuesday.