SAN FRANCISCO, Jan. 18, 2018 (GLOBE NEWSWIRE) -- White Oak Global Advisors, LLC (“White Oak” or “the Company”) today announced it completed a $550 million transaction with GE Capital Aviation Services (“GECAS”) to buy and immediately lease back 20 wide body aircraft engines.

To facilitate this transaction, and to strengthen and grow White Oak’s financing capabilities for aviation companies, the Company created White Oak Commercial Aviation, LP, an affiliated entity of White Oak that is wholly owned by its institutional investors.

Andre Hakkak, Chief Executive Officer and Co-Founder of White Oak Global Advisors said, “As aviation continues to grow domestically and internationally, we saw a great opportunity to apply White Oak’s expertise in lending to businesses that are the bedrock of economic growth by creating a new aviation-focused group. I believe this transaction with GECAS, which is widely recognized as the leader in the commercial airline and helicopter leasing market, demonstrates the deep level of skill and knowledge the White Oak Commercial Aviation group brings, and I look forward to expanding our offerings to the aviation market.”

The portfolio of aircraft engines consists of various models serving the Boeing 787 and 777 aircraft market. GECAS will continue to service the engines over the life the lease.

CIT served as financing partner in the transaction. Additional terms of the transaction were not disclosed.

About White Oak Global Advisors
White Oak Global Advisors, LLC is a leading global alternative asset manager specializing in originating and providing credit financing solutions to facilitate the growth, acquisitions, refinancings and recapitalizations of small and medium size enterprises. With over $7bn of capital invested in over 500 companies, White Oak provides small and medium size enterprises with term loans, asset-based lending, invoice factoring, trade finance, equipment financing and treasury management. Since its inception in 2007, White Oak’s disciplined investment process focuses on delivering risk-adjusted investment returns and establishing long term partnerships with our borrowers.  More information can be found at www.whiteoaksf.com

About CIT
Founded in 1908, CIT (NYSE:CIT) is a financial holding company with approximately $50 billion in assets as of Sept. 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.

Contact:
Jonathan Setiabrata
Investor Relations
jsetiabrata@whiteoaksf.com