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The new pegasus
01 November 2005
Pegasus Aviation is expanding and, with the help of Oaktree Capital Management and an ex-Boeing salesman, this will continue over the next decade. Victoria Pennington reports.
Read more:
Pegasus Aviation; Richard Wiley; Oaktree Capital Management;securitization
Aviation
Airways
Pegasus Aviation has changed completely from the company that Richard Wiley founded in 1988. For the past 17 years the lessor has gained a reputation for buying older aircraft types and remarketing them to smaller carriers.
In August this changed completely when Pegasus announced an order for six 737-800s. While this is small in comparison with some other lessors, it shows the shift in the lessor's thinking. In September it hired Toby Bright, Boeing's former chief salesman, reflecting this new focus.
While the recent order demonstrated the change in the lessor, it has been growing quickly in the past few years, with its portfolio worth $4.6 billion.
"By the close of its fiscal year in March 2006, Pegasus will have a portfolio in excess of 250 aircraft, consisting primarily of next-generation models," says Wiley, Pegasus' president and CEO. "Over the next five years, we intend to grow our portfolio...
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