Mon, May 19, 2008
$900 Million In Canadian, UAE Funds Available Now
A fast-growing business fractional
company has bucked the recent trend of fledgling aircraft
operations experiencing problems with obtaining investment capital.
The Wall Street Journal reports XOJet Inc. will announce Monday it
has secured $2.5 billion in financing from Canada and the Middle
Most of the funding will be tied to loans against the company's
orders for 127 aircraft. Export Development Canada fronted $400
million, available now, towards XOJet's initial order Bombardier
An additional $500 million will reportedly come from Abu Dhabi,
will another $1.5 billion in loans from other Middle East investors
will be made available later this year, when XOJet sets up its
international base in the United Arab Emirates.
With a slumping US economy driving uncertainty in global
investment markets, XOJet's funding coup should go a long way
towards establishing the two-year-old company in the increasingly
fractious fractional segment.
"We believe we can be a major player in one of the most
fragmented industries you'll ever see," said William McGlashan,
managing director of XOJet backer TPG Growth and a director at the
upstart bizjet fractional. "This will give us the capital to be
able to scale to a very substantial level."
The WSJ adds XOJet has a long way to go, however, before it
rivals segment leader NetJets... which operates as many flights in
a day (close to 1,000) that XOJet currently manages in a month.
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