Guggenheim Aviation Partners (GAP) and Israel Aircraft Industries Bedek Aviation Group (IAI Bedek) have announced the first firm orders for Boeing 747-400 Combi to Special Freighter (SF) conversion. Both aircraft are under contract in a transaction arranged by GE Capital Aviation Services (GECAS) and are currently operated by Air Canada. The conversions are scheduled for completion in 2005 and 2006.
Peter Lawson-Johnson II, of the Guggenheim Aviation Investment Funds, LP, says; "GAPs investment strategy is to actively participate in the freighter market and Bedek's early slot availability offers major competitive advantages."
David Arzi, Bedek's General Manager and Corporate Vice President says: "The quality of Bedek's conversions and variety of Supplemental Type Certificates (STC) have allowed Bedek to develop a growing customer base. We expect to announce further contracts by the end of 2004."
About Guggenheim Aviation Partners: GAP is an aviation investment firm owned by Guggenheim Capital (GC), LLC, from which it received initial equity funding. GAP is building a portfolio of aircraft and engine assets leveraging the firms' relationships and is in the final phase of concluding the Guggenheim Aviation Investment Fund, LP, to increase its access to the private equity markets.
About Guggenheim Capital: GC is a privately owned, diversified financial services firm with over 400 employees and $90 billion assets under management. GC has offices in New York, Chicago, Los Angeles, Miami, St. Louis, Seattle, London, Geneva and Hong Kong, and specializes in fixed income and alternative investments for high net-worth clients.
For further information, please contact:
Doron Suslik
Deputy Corp. VP for Communications
Tel: 972 (3) 935-8509
Fax: 972 (3) 935-8512
e-mail: hpaz@iai.co.il