CIT Supports White Oak in $550MM Transaction with GECAS



White Oak Global Advisors completed a $550 million transaction with GE Capital Aviation Services to buy and immediately lease back 20 wide body aircraft engines. CIT served as financing partner in the transaction.

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

Andre Hakkak, CEO 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.”

John Heskin, managing director and group head for CIT’s Aerospace, Defense & Government Finance (ADG) team, led the transaction with senior investment professionals from White Oak.

“This transaction is a great example of CIT’s long history and understanding of the aerospace industry, in addition to our ability to provide capital solutions for aircraft owners, lessors and other key industry players,” said Burt Feinberg, president of CIT’s Commercial & Industrial Finance group.

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 of the lease.


Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com