Fri, Oct 23, 2009
Global Investment Firms TPG And Aabar Help Finance New Aircraft
Purchase
XOJET announced it has secured financing totaling $470 Million
Wednesday at the NBAA Annual Conference Wednesday. The package
includes $100 million in equity, and a more flexible debt facility
of $370 million, allowing for the purchase of either new or used
aircraft on a global basis. Financing is being led by TPG, a Fort
Worth based private equity firm, and Aabar, an Abu Dhabi based
investment firm. XOJET will use the additional capital to expand
its operations to meet the growing demand for quality business
aviation services and alternatives to fractional ownership.
"This latest round of financing is evidence of the growing
confidence in XOJET's operating model," said David Siegel, CEO of
XOJET. "We uniquely offer what customers now demand and other
operators simply cannot provide - a low risk, high quality, cost
efficient alternative to fractional ownership without ever
compromising on service quality or safety."
XOJET claims its recently announced Membership with "Best Price"
offers clients all the benefits of being in a guaranteed
availability program with no upfront share purchase while, at the
same time, providing pricing advantages that can come with
market-rate charter. "XOJET has a unique market advantage. Since we
own and operate our own fleet of aircraft we can give you an apples
to apples charter quote - on demand," said Siegel.
XOJET has earned the distinguished "Platinum" rating from
Aviation Research Group/US (ARG/US) for the company's rigorous
operational standards. The rating is widely recognized as an
acknowledgement of excellence in operational practices and flight
safety standards, and is the highest-level safety audit rating in
private aviation.
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