FTAI Aviation Ltd. reports developments in aircraft engine maintenance, aftermarket products and aviation leasing. The company owns and maintains CFM56 and V2500 engines used on widely operated commercial aircraft and offers Maintenance, Repair and Exchange products for airlines and asset owners. News releases also cover the Aerospace Products and Aviation Leasing segments, aircraft and engine acquisitions, CFM International materials agreements, credit facilities, dividends and executive appointments.
FTAI Aviation announced a secondary offering of 2,090,561 ordinary shares by FIG and an employee of FIG The shares will be sold through Citigroup, the sole underwriter, and will not generate proceeds for FTAI Aviation itself. The offering will occur on the Nasdaq Global Select Market and other venues, based on prevailing or negotiated prices. The company emphasizes the need for investors to review the prospectus and related documents filed with the SEC for detailed information. These documents are available on the SEC's website or through Citigroup's provided contact information.
FTAI Aviation announced the internalization of its management operations, effective May 28, 2024. The company terminated its Management and Advisory Agreement with FIG , agreeing to pay $150 million in cash and issue 1,866,949 ordinary shares to the Manager. This move is expected to result in initial annualized cost savings of $30 million, increasing over time. The senior leadership team will remain unchanged, and offers will be extended to certain employees of the Manager. A Transition Services Agreement will ensure continuity of services during the transition period.
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