As filed with the Securities and Exchange Commission on May 6, 2015
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-3
REGISTRATION STATEMENT
UNDER
THE
SECURITIES ACT OF 1933
AIRCASTLE LIMITED
(Exact Name of Registrant as Specified in Its Charter)
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| Bermuda |
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98-0444035 |
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Incorporation or Organization) |
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(I.R.S. Employer
Identification No.) |
c/o Aircastle Advisor LLC
300 First Stamford Place
5th Floor
Stamford,
Connecticut 06902
(203) 504-1020
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices)
Christopher L. Beers
General Counsel
c/o
Aircastle Advisor LLC
300 First Stamford Place, 5th Floor
Stamford, Connecticut 06902
(203) 504-1020
(Name, address, including zip code, and telephone number, including area code, of agent for service)
With a copy to:
Joseph A. Coco, Esq.
Skadden, Arps, Slate, Meagher & Flom LLP
Four Times Square
New
York, NY 10036
Telephone: (212) 735-3000
Approximate
date of commencement of proposed sale to the public: From time to time after the effective date of this registration statement
If the
only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ¨
If any of the securities being registered on this form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act of 1933, other than securities offered only in connection with dividend or interest reinvestment plans, check the following box. x
If this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the
following box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering. ¨
If this Form is a registration statement pursuant to General Instruction I.D. or a post-effective amendment thereto that shall become
effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act, check the following box. x
If this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction I.D. filed to register additional
securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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| Large accelerated filer |
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Accelerated filer |
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| Non-accelerated filer |
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¨ (Do not check if a smaller reporting company) |
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Smaller reporting company |
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CALCULATION OF REGISTRATION FEE
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| Title of Each Class of
Securities to be Registered |
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Amount
to be
Registered(1)(2) |
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Proposed
Maximum Offering
Price Per Unit(1)(2) |
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Proposed
Maximum Aggregate
Offering Price(1)(2) |
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Amount of
Registration Fee(3) |
| Common Shares |
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| Preference Shares |
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| Depositary Shares |
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| Debt Securities |
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| Warrants |
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| Subscription Rights |
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| Purchase Contracts |
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| Purchase Units |
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Omitted pursuant to Form S-3 General Instruction II.E. |
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Securities registered hereunder may be sold separately, together or as units with other securities registered hereunder. An indeterminate aggregate offering price and number or amount of each identified class of the
identified securities of the registrant is being registered as may from time to time be issued at currently indeterminable prices and as may be issuable upon conversion, redemption, repurchase, exchange, exercise or settlement of any securities
registered hereunder, including under any applicable anti-dilution provisions. |
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In accordance with Rules 456(b) and 457(r) under the Securities Act, the registrant is deferring payment of all of the registration fee. Any subsequent registration fees will be paid on a pay-as-you-go basis.
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PROSPECTUS
AIRCASTLE LIMITED
COMMON SHARES
PREFERENCE SHARES
DEPOSITARY SHARES
DEBT
SECURITIES
WARRANTS
SUBSCRIPTION RIGHTS
PURCHASE CONTRACTS
PURCHASE UNITS
We may offer
and sell, from time to time in one or more offerings in amounts, at prices and on terms to be determined at the time of any such offering, any combination of (i) common shares, (ii) preference shares, (iii) depositary shares
representing preference shares, (iv) debt securities, (v) warrants, (vi) subscription rights, (vii) purchase contracts and (viii) purchase units (or its equivalent in foreign or composite currencies) on terms to be
determined at the time of offering.
This prospectus describes some of the general terms that may apply to these securities. We will
provide the specific prices and terms of these securities in one or more supplements to this prospectus at the time of the offering. You should read this prospectus and the accompanying prospectus supplement carefully before you make your investment
decision.
We may offer and sell these securities through underwriters, dealers or agents or directly to purchasers, on a continuous or
delayed basis. The prospectus supplement for each offering will describe in detail the plan of distribution for that offering and will set forth the names of any underwriters, dealers or agents involved in the offering and any applicable fees,
commissions or discount arrangements.
This prospectus may not be used to sell securities unless accompanied by a prospectus supplement.
Our common shares are listed on the New York Stock Exchange, or NYSE, under the trading symbol “AYR.” Each prospectus supplement
will indicate if the securities offered thereby will be listed on any securities exchange.
Investing in
our securities involves a high degree of risk. See “Risk Factors” on page 1 before you make your investment decision.
None of the Securities and Exchange Commission, any state securities commission, the Minister of Finance and the Registrar of Companies in
Bermuda or the Bermuda Monetary Authority have approved or disapproved of these securities or determined if this prospectus or the accompanying prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus is May 6, 2015.
TABLE OF CONTENTS
Consent under the Bermuda Exchange Control Act 1972 (and its related regulations) has been obtained from the
Bermuda Monetary Authority for the issue and transfer of our offered securities to and between persons resident and non-resident of Bermuda for exchange control purposes provided our shares are listed on an appointed stock exchange, which includes
the New York Stock Exchange. Pursuant to the Companies Act 1981 of Bermuda, there is no requirement to file this prospectus or any prospectus supplement with the Registrar of Companies in Bermuda. Neither the Bermuda Monetary Authority nor the
Registrar of Companies in Bermuda accepts any responsibility for our financial soundness or for the correctness of any of the statements made or opinions expressed in this prospectus and any prospectus supplement.
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ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement that we have filed with the Securities and Exchange Commission, or the SEC, using a
“shelf” registration process. Under this shelf registration process, we may offer and sell, from time to time, any combination of the securities described in this prospectus in one or more offerings. This prospectus provides you with a
general description of the securities we may offer. Each time we offer to sell our securities, we will provide a prospectus supplement and may provide other offering materials containing specific information about the terms of that offering. The
prospectus supplement may add, change or update information contained in this prospectus. If there is any inconsistency between the information contained in this prospectus and any information contained in any prospectus supplement, you should rely
on the information in the prospectus supplement. In addition, as described above, we have filed and plan to continue to file documents with the SEC that contain information about us and the business conducted by us. Before you decide to invest in
any of our securities, you should read carefully this prospectus, any accompanying prospectus supplement (including all documents incorporated by reference therein), and the information that we file with the SEC.
This prospectus only provides you with a general description of the securities we may offer. Each time we sell securities described in the
prospectus we will provide a supplement to this prospectus that will contain specific information about the terms of that offering, including the specific amounts, prices and terms of the securities offered. The prospectus supplement may also add,
update or change information contained in this prospectus. You should carefully read both this prospectus and any accompanying prospectus supplement or other offering materials, together with the additional information described under the heading
“Where You Can Find More Information.”
You should rely only on the information contained or incorporated by reference in this
prospectus. We have not authorized anyone to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. We are not making an offer to sell these securities in any
jurisdiction where the offer or sale is not permitted.
This prospectus and any accompanying prospectus supplement or other offering
materials do not contain all of the information included in the registration statement as permitted by the rules and regulations of the SEC. For further information, we refer you to the registration statement on Form S-3, including its exhibits. We
are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (“Exchange Act”), and, therefore, file reports and other information with the SEC. Statements contained in this prospectus and any
accompanying prospectus supplement or other offering materials about the provisions or contents of any agreement or other document are only summaries. If SEC rules require that any agreement or document be filed as an exhibit to the registration
statement, you should refer to that agreement or document for its complete contents.
You should not assume that the information in this
prospectus or any prospectus supplement or any other offering materials is accurate as of any date other than the date on the front of each document. Our business, financial condition, results of operations and prospects may have changed since then.
In this prospectus, unless otherwise specified or the context requires otherwise, we use the terms “Aircastle,” the
“Company,” “we,” “us” and “our” to refer to Aircastle Limited and its subsidiaries, except where it is clear that the term refers only to the parent company. Throughout this prospectus, when we refer to our
aircraft, we include aircraft that we have transferred into grantor trusts or similar entities for purposes of financing such assets through securitizations and term financings.
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SUMMARY
This is only a summary and may not contain all the information that is important to you. You should carefully read both this prospectus and
any accompanying prospectus supplement and any other offering materials, together with the additional information described under the heading “Where You Can Find More Information.”
Aircastle Limited
We acquire, lease, and
sell commercial jet aircraft with large, global operator bases and long useful lives. As of March 31, 2015, our aircraft portfolio consisted of 152 aircraft leased to 54 lessees located in 34 countries. Our aircraft fleet is managed by an
experienced team based in the United States, Ireland and Singapore. Typically, our aircraft are subject to net leases whereby the lessee is generally responsible for maintaining the aircraft and paying operational, maintenance and insurance costs
arising during the term of the lease. We also may occasionally make investments in other aviation assets, including debt investments secured by commercial jet aircraft.
Our principal executive offices are located at c/o Aircastle Advisor LLC, 300 First Stamford Place, 5th Floor, Stamford, CT 06902. Our
telephone number is (203) 504-1020. Our website address is www.aircastle.com. Information on, or accessible through, our website does not constitute part of this prospectus and should not be relied upon in connection with making any investment
decision with respect to the securities offered by this prospectus.
RISK FACTORS
You should consider the specific risks described in our Annual Report on Form 10-K for the year ended December 31, 2014, the risk factors
described under the caption “Risk Factors” in any applicable prospectus supplement and any risk factors set forth in our other filings with the SEC, before making an investment decision. Each of the risks described in these documents could
materially and adversely affect our business, financial condition, results of operations and prospects, and could result in a partial or complete loss of your investment. See “Where You Can Find More Information” on page 22 of this
prospectus.
USE OF PROCEEDS
Unless otherwise set forth in a prospectus supplement, we intend to use the net proceeds of any offering of securities for working capital and
other general corporate purposes, which may include the repayment or refinancing of outstanding indebtedness and the financing of future acquisitions. We will have significant discretion in the use of any net proceeds. The net proceeds may be
invested temporarily in interest-bearing accounts and short-term interest-bearing securities until they are used for their stated purpose. We may provide additional information on the use of the net proceeds from the sale of the offered securities
in an applicable prospectus supplement relating to the offered securities.
RATIO OF EARNINGS TO FIXED CHARGES
The following table sets forth information regarding our ratio of earnings to fixed charges for each of the periods shown. For
purposes of calculating this ratio, (i) earnings consist of income (loss) from continuing operations before provision (benefit) for income taxes and fixed charges and (ii) fixed charges consist of interest expense, which includes
amortization of deferred finance charges, and imputed interest on our lease obligations. The interest component of rent was determined based on an estimate of a reasonable interest factor at the inception of the leases.
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Years Ended December 31, |
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Three Months
Ended March 31, |
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2010 |
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2011 |
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2012 |
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2013 |
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2014 |
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2015 |
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1.37x |
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1.58x |
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1.18x |
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1.16x |
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1.47x |
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1.75x |
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DESCRIPTION OF SECURITIES
This prospectus contains summary descriptions of the common shares, preference shares, depositary shares, debt securities, warrants,
subscription rights, purchase contracts and purchase units that we may offer and sell from time to time. These summary descriptions are not meant to be complete descriptions of each security. The particular terms of any security will be described in
the applicable prospectus supplement.
1
DESCRIPTION OF SHARE CAPITAL
General
As of the date of this
prospectus, our authorized share capital consists of:
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250,000,000 common shares, par value $0.01 per share; and |
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50,000,000 preference shares, par value $0.01 per share. |
As of April 30, 2015, there
were issued and outstanding 81,181,133 common shares and no issued and outstanding preference shares. All of the currently outstanding common shares on the date of this prospectus are fully paid. Our bye-laws permit us to issue shares that are not
fully paid, subject to the right of our board of directors to make calls for unpaid amounts. Pursuant to our bye-laws, subject to any resolution of the shareholders to the contrary, our board of directors is authorized to issue any of our authorized
but unissued shares. There are no limitations on the right of non-Bermudians or non-residents of Bermuda to hold or vote our shares.
Set
forth below is a summary description of all the material terms of our share capital. This description is qualified in its entirety by reference to our memorandum of association and amended bye-laws.
Common Shares
Holders of common shares
have no pre-emptive, redemption, conversion or sinking fund rights. Holders of common shares are entitled to one vote per share on all matters submitted to a vote of holders of common shares. Unless a different majority is required by law or by our
bye-laws, resolutions to be approved by holders of common shares require approval by a simple majority of votes cast at a meeting at which a quorum is present. Our bye-laws provide that persons standing for election as directors at a duly
constituted and quorate annual general meeting are to be elected by our shareholders by a plurality of the votes cast on the resolution. There is no cumulative voting in the election of our directors, which means that the holders of a majority of
the issued and outstanding common shares can elect all of the directors standing for election, and the holders of the remaining shares will not be able to elect any directors.
In the event of our liquidation, dissolution or winding up, the holders of common shares are entitled to share equally and ratably in our
assets, if any, remaining after the payment of all of our debts and liabilities, subject to any liquidation preference on any issued and outstanding preference shares. Our common shares are listed on the NYSE under the symbol “AYR.” Any
common shares not fully paid up are subject to calls by our board of directors.
Preference Shares
Pursuant to Bermuda law and our bye-laws, our board of directors by resolution may establish one or more series of preference shares having
such number of shares, designations, dividend rates, relative voting rights, conversion or exchange rights, redemption rights, liquidation rights and other relative participation, optional or other powers, preferences and rights, qualifications,
limitations or restrictions as may be fixed by the board without any further shareholder approval. The rights with respect to a series of preference shares may be more favorable to the holder(s) thereof than the rights attached to our common shares.
It is not possible to state the actual effect of the issuance of any preference shares on the rights of holders of our common shares until our board of directors determines the specific rights attached to such preference share. The effect of issuing
preference shares may include, among other things, one or more of the following:
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restricting dividends in respect of our common shares; |
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diluting the voting power of our common shares or providing that holders of preference shares have the right to vote on matters as a class; |
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impairing the liquidation rights of our common shares; or |
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delaying or preventing a change of control of Aircastle. |
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Dividend Rights
Under Bermuda law, a company’s board of directors may declare and pay dividends from time to time unless there are reasonable grounds for
believing that the company is, or would after the payment be, unable to pay its liabilities as they become due or that the realizable value of its assets would thereby be less than its liabilities. Under our bye-laws, each common share is entitled
to dividends if, as and when dividends are declared by our board of directors, subject to any preferred dividend right of the holders of any preference shares. There are no restrictions on our ability to transfer funds (other than funds denominated
in Bermuda dollars) in and out of Bermuda or to pay dividends to U.S. residents who are holders of our common shares.
Variation of Rights
If at any time we have more than one class of shares, the rights attaching to any class, unless otherwise provided for by the terms of issue of
the relevant class, may be varied either: (i) with the consent in writing of the holders of 50% of the issued shares of that class; or (ii) with the sanction of a resolution passed by a majority of the votes cast at a general meeting of
the relevant class of shareholders at which a quorum consisting of at least two persons holding or representing two-thirds of the issued shares of the relevant class is present. Our bye-laws specify that the creation or issue of shares ranking
equally with existing shares will not, unless expressly provided by the terms of issue of existing shares, vary the rights attached to existing shares. In addition, the creation or issuance of preference shares ranking prior to common shares will
not be deemed to vary the rights attached to common shares or, subject to the terms of any other series of preference shares, to vary the rights attached to any other series of preference shares.
Election and Removal of Directors
Our
bye-laws provide that our board shall consist of not less than three and not more than twelve directors, as the board may from time to time determine. Our board of directors currently consists of twelve directors. Our board is divided into three
classes that are, as nearly as possible, of equal size. Each class of directors is elected for a three year term of office, but the terms are staggered so that the term of only one class of directors expires at each annual general meeting. The
current terms of the Class I, Class II and Class III directors will expire in 2016, 2017 and 2018, respectively.
Any shareholder
wishing to propose for election as a director someone who is not an existing director or is not proposed by our board must give notice of the intention to propose the person for election. Where a person is to be proposed for election as a director
at an annual general meeting by a shareholder, that notice must be given not less than 90 days nor more than 120 days before the anniversary of the last annual general meeting prior to the giving of the notice or, in the event the annual general
meeting is called for a date that is not 25 days before or after such anniversary, the notice must be given not later than ten days following the earlier of the date on which notice of the annual general meeting was mailed to shareholders or the
date on which public disclosure of the date of the annual general meeting was made. Where a director is to be elected at a special general meeting, that notice must be given not later than 10 days following the earlier of the date on which notice of
the special general meeting was mailed to shareholders or the date on which public disclosure of the date of the special general meeting was made. Such proposal must be made in accordance with the procedures set forth in our bye-laws.
A director may be removed with or without cause by a resolution of our shareholders, including the affirmative votes of at least 80.0% of all
votes attaching to all shares in issue entitling the holder to vote on such resolution, provided that notice of the shareholders meeting convened to remove the director is given to the director. The notice must contain a statement of the intention
to remove the director and must be served on the director not less than 14 days before the meeting. The director is entitled to attend the meeting and be heard on the motion for his removal.
Acquisition of Common Shares by Aircastle and Option to Require Sale of Shares
Our bye-laws provide that we have the option, but not the obligation, to require a shareholder that is not a U.S. citizen or a qualified
resident of the U.S. or of the other contracting state of the applicable tax treaty with the U.S. (as determined for purposes of the relevant provision of the limitation on benefits article of such treaty) owning more than 5% of our issued and
outstanding common shares to sell its common shares for their fair market value to us, to other shareholders or to third parties if we determine that failure to exercise our option would result in adverse tax consequences to us or any of our
subsidiaries. Our right to require a shareholder to sell its shares will be limited to the purchase of a number of shares that our directors, in the reasonable exercise of their discretion, determine is necessary to permit avoidance of those adverse
tax consequences.
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Shareholders Agreements
Marubeni Shareholder Agreement
In
connection with the sale of common shares to Marubeni Corporation (“Marubeni”), on June 6, 2013, Aircastle and Marubeni entered into a Shareholder Agreement, which became effective upon the completion of the issuance, referred to as
the closing (the “Shareholder Agreement”). The Shareholder Agreement provides certain rights to Marubeni with respect to the designation of directors for election to our Board. Based on the current ownership of our common shares by
Marubeni and the current size of our board of directors, Marubeni is entitled to designate three directors for election to our board of directors in accordance with the Shareholder Agreement. The Shareholder Agreement also includes certain
standstill restrictions, including restrictions on direct or indirect acquisitions of voting securities of the Company that would result in Marubeni and its affiliates collectively holding (i) more than 21% of the voting power of the Company
prior to the third anniversary of the closing or (ii) more than 27.5% of the voting power of the Company prior to the tenth anniversary of the closing. These standstill restrictions contain customary exceptions and will terminate upon, among
other things, the acquisition by a third party of the beneficial ownership of more than 30% of the voting power of the Company. In addition, the Shareholder Agreement includes certain voting restrictions that apply if Marubeni and its affiliates
collectively own more than 21% of the voting power of the Company. The Shareholder Agreement also contains restrictions on Marubeni’s ability to transfer common shares for three years following the closing of the issuance, subject to certain
exceptions, and contains customary registration rights provisions relating to resales of common shares by Marubeni.
On February 18,
2015, the Company, Marubeni and Marubeni Aviation Holding Coöperatief U.A, a Netherlands coöperatief and a wholly owned subsidiary of Marubeni (“MHC”), entered into an amendment and restatement of the Shareholder Agreement, which
(1) modified the terms of the Shareholder Agreement to immediately permit acquisitions by Marubeni and its affiliates of voting securities of the Company in the secondary market pursuant to a Rule 10b5-1 plan that would result in Marubeni and
its affiliates collectively holding more than 21.0% but no more than 27.5% of the voting power of the Company and (2) extended the term of the standstill provision of the Shareholder Agreement by 18 months to January 2025.
As discussed further below, the Shareholder Agreement provides certain rights to Marubeni with respect to the designation of directors for
election to our Board as well as registration rights for certain of our securities owned by them.
Designation and Election of Directors
Pursuant to the Shareholder Agreement, subject to the terms and conditions expressed therein, Marubeni and MHC will have the right, for so long
as they beneficially own (i) at least 5% but less than 15% of the voting power of the Company, to designate one director for appointment to the Board; (ii) at least 15% but less than 25% of the voting power of the Company, to designate two
directors for appointment to the Board; provided that the number of directors Marubeni and MHC have the right to designate shall represent at least 20% of the number of directors serving on the Board; and (iii) 25% or more of the voting power
of the Company, to designate three directors for appointment to the Board, with the initial appointment to be made prior to August 14, 2013. On August 2, 2013, Marubeni designated Messrs. Konto and Toya to the Board in accordance with the
Shareholder Agreement. On May 22, 2014, Marubeni designated Mr. Kakinoki to the Board in accordance with the Shareholder Agreement. If at any time the number of our directors entitled to be designated by Marubeni pursuant to the
Shareholder Agreement shall decrease, within 20 days thereafter, Marubeni and MHC shall cause a sufficient number of its designated directors to resign and any vacancies created by these resignations shall be filled by a majority vote of the Board.
Registration Rights
Marubeni Shareholder
Agreement
Demand Rights. At any time after the expiration of certain transfer restrictions set forth in the Shareholder
Agreement, we have granted to Marubeni and MHC, for so long as they, collectively and beneficially own an amount of our common shares (whether owned or subsequently acquired) at least equal to 5% or more of the Company’s voting securities,
“demand” registration rights that allow them to request that we register under the Securities Act an amount equal to or greater than 3% of our common shares then issued and outstanding. Marubeni and MHC are collectively entitled to an
aggregate of six demand registrations. We may for up to an aggregate of ninety (90) days during any period of twelve (12) consecutive months refuse a request for demand registration if, in our reasonable judgment, if the Board determines
in good faith and in its reasonable judgment that the filing or effectiveness of the registration statement relating to such demand registration would cause the disclosure of material, non-public information that the Company has a bona fide business
purpose for preserving as confidential.
4
Piggyback Rights. For so long as they beneficially own an amount of our common shares at
least equal to 1% of our common shares issued and outstanding as of any measurement date, at any time after the expiration of certain transfer restrictions set forth in the Shareholder Agreement, Marubeni and MHC also have “piggyback”
registration rights that allow them to include the common shares that they own in any public offering of equity securities initiated by us (other than those public offerings pursuant to registration statements on Forms S-4 or S-8 or any successor
forms thereto) or by any of our other shareholders that have registration rights. The “piggyback” registration rights of these shareholders are subject to proportional cutbacks based on the manner of the offering and the identity of the
party initiating such offering.
Indemnification; Expenses. We have agreed to indemnify Marubeni, MHC and each of their
respective officers, directors, employees, managers, partners and agents and each person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) Marubeni or MHC against any losses, claims,
damages, liabilities and expenses caused by, resulting from or relating to any untrue statement or omission of material fact in any registration statement, prospectus or preliminary prospectus or any amendment thereof or supplement thereto pursuant
to which they sell our common shares, unless such liability arose from any information furnished in writing to the Company by Marubeni or MHC expressly for use therein or by Marubeni’s or MHC’s failure to deliver a copy of a current
prospectus or any amendments or supplements thereto, and each of Marubeni and MHC has agreed to indemnify us against all losses caused by their misstatements or omissions. We will pay all expenses incidental to our performance under the Shareholder
Agreement, and Marubeni and MHC will pay their respective portions of all underwriting discounts, commissions, the fees and expenses of counsel to Marubeni and MHC and transfer taxes relating to the sale of their common shares under the Shareholder
Agreement.
Ontario Teachers’ Pension Plan Board Registration Rights Letter Agreement
In connection with the Company’s repurchase of 2,500,002 of the Company’s common shares at a price of $11.40 per share from certain
affiliates of Fortress Investment Group LLC, on August 10, 2012, the Company entered into a registration rights letter agreement (the “Registration Rights Agreement”) with Ontario Teachers’ Pension Plan Board
(“Teachers”). Pursuant to the Registration Rights Agreement, subject to the terms, conditions and limitations expressed therein, the Company agreed to provide to Teachers certain demand registration rights relating to Teachers’
ownership of the Company’s common shares. The Company will generally pay all expenses relating to a demand registration thereunder, except for any underwriter discounts and commissions.
The Company and Teachers have each agreed to indemnify the other against various liabilities, including liabilities under the Securities Act
of 1933, as amended. In addition, the Registration Rights Agreement contains customary representations, warranties and agreements of the Company and Teachers.
Demand Rights. We have granted to Teachers “demand” registration rights that allow them to make one written request for
registration under the Securities Act of any common shares owned by Teachers, in an amount equal to or greater than 3% of our common shares issued and outstanding the date such demand is made. The number of common shares that may be registered
pursuant to a demand by Teachers shall not exceed 10% of the total number of Common Shares issued and outstanding on the date such a demand is made.
Shelf Registration. Teachers may by written notice to the Company require the Company to prepare and file a prospectus supplement or
such supplemental materials to the Company’s existing registration statement on Form S-3, or, if the Company is unable to effect a resale pursuant to an existing registration statement, and subject to the availability to the Company of a
registration statement on Form S-3, to file and use commercially reasonable efforts to cause to be declared or become effective, as soon as practicable, a new Form S-3 providing for an offering to be made on a continuous basis pursuant to Rule 415
of the Securities Act, in an amount that equals or is greater than 3% of the total number of common shares issued and outstanding on the date such a demand is made.
Indemnification; Expenses. The Company and Teachers have each agreed to indemnify the other party and its affiliates and their
respective officers, directors, employees, managers, shareholders, members and partners against, and to pay and reimburse such party for any losses, claims, damages, liabilities, joint or several, or actions or proceedings to which such party may
become subject under the Securities Act or otherwise, insofar as they arise out of or are based upon any
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untrue or alleged untrue statement of material fact contained in any registration statement, any prospectus, any other offering materials or any amendment thereof or supplement thereto, or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading (but, in the case of Teachers, only to the extent that such untrue statement or omission is made in such
registration statement, prospectus, offering materials or any amendment or supplement thereto in reliance upon and in conformity with written information prepared and furnished to the Company by the Shareholder expressly for use therein), or in the
case of the Company, any violation by the Company of any rule or regulation promulgated under the Securities Act or any state securities laws applicable to the Company in connection with a demand registration made by Teachers as described above.
Anti-Takeover Provisions
The
following is a summary of certain provisions of our bye-laws that may be deemed to have an anti-takeover effect and may delay, deter or prevent a tender offer or takeover attempt that a shareholder might consider to be in its best interest,
including those attempts that might result in a premium over the market price for the shares held by shareholders.
The authorized but
unissued common shares and our preference shares will be available for future issuance by the board of directors, subject to any resolutions of the shareholders. These additional shares may be utilized for a variety of corporate purposes, including
future public offerings to raise additional capital, corporate acquisitions and employee benefit plans. The existence of authorized but unissued common shares and preference shares could render more difficult or discourage an attempt to obtain
control over us by means of a proxy contest, tender offer, amalgamation or otherwise.
Certain provisions of our bye-laws may make a
change in control of Aircastle more difficult to effect. Our bye-laws provide for a staggered board of directors consisting of three classes of directors. Each class of directors are chosen for three-year terms upon the expiration of their current
terms and each year one class of our directors is elected for a three-year term of office by our shareholders. The terms of the directors in the first, second and third classes will expire in 2016, 2017 and 2018, respectively. We believe that
classification of our board of directors will help to assure the continuity and stability of our business strategies and policies as determined by our board of directors. The classified board could have the effect of making the replacement of
incumbent directors more time consuming and difficult. At least two annual meetings of shareholders, instead of one, will generally be required to effect a change in a majority of our board of directors. Thus, the classified board could increase the
likelihood that incumbent directors will retain their positions. The staggered terms of directors may delay, defer or prevent a tender offer or an attempt to change control of us, even though a tender offer or change in control might be in the best
interest of our shareholders. Our bye-laws provide that persons standing for election as directors at a duly constituted and quorate annual general meeting are elected by our shareholders by a plurality of the votes cast on the resolution. In
addition, our bye-laws provide that directors may be removed with or without cause by a resolution of our shareholders, including the affirmative votes of at least 80.0% of all votes attaching to all shares in issue entitling the holder to vote on
such resolution. Our bye-laws also give us the option, but not the obligation, to require a shareholder that is not a U.S. citizen or a qualified resident of the U.S. or of the other contracting state of the applicable tax treaty with the U.S. (as
determined for purposes of the relevant provision of the limitation on benefits article of such treaty) owning more than 5% of our issued and outstanding common shares to sell the shareholder’s common shares to us, to another shareholder or to
third parties at fair market value if we determine that failure to exercise such option would result in adverse tax consequences to us or any of our subsidiaries.
Pursuant to our bye-laws, our preference shares may be issued from time to time, and the board of directors is authorized to determine the
rights, preferences, powers, qualifications, limitations and restrictions. See “— Preference Shares.”
Certain Provisions of Bermuda Law
We have been designated by the Bermuda Monetary Authority as a non-resident for Bermuda exchange control purposes. This designation
allows us to engage in transactions in currencies other than the Bermuda dollar, and there are no restrictions on our ability to transfer funds (other than funds denominated in Bermuda dollars) in and out of Bermuda or to pay dividends to United
States residents who are holders of our common shares.
Consent under the Bermuda Exchange Control Act 1972 (and its related regulations)
has been obtained from the Bermuda Monetary Authority for the issue and transfer of our offered securities to and between persons resident and non-resident of Bermuda for exchange control purposes provided our shares are listed on an appointed stock
exchange, which includes the New York Stock Exchange. Pursuant to the Companies Act 1981 of Bermuda, there is no requirement to file this
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prospectus or any prospectus supplement with the Registrar of Companies in Bermuda. Neither the Bermuda Monetary Authority nor the Registrar of Companies in Bermuda accepts any responsibility for
our financial soundness or for the correctness of any of the statements made or opinions expressed in this prospectus and any prospectus supplement.
In accordance with Bermuda law, share certificates are only issued in the names of companies, partnerships or individuals. In the case of a
shareholder acting in a special capacity (for example as a trustee), certificates may, at the request of the shareholder, record the capacity in which the shareholder is acting. Notwithstanding such recording of any special capacity, we are not
bound to investigate or see to the execution of any such trust. We will take no notice of any trust applicable to any of our shares, whether or not we have been notified of such trust.
Differences between the Governing Corporate Law of Bermuda and Delaware Law
You should be aware that the Companies Act 1981 of Bermuda (the “Companies Act”), which applies to us, differs in certain material
respects from laws generally applicable to Delaware corporations and their shareholders. In order to highlight these differences, set forth below is a summary of material provisions of the Companies Act (including modifications adopted pursuant to
our bye-laws) and Bermuda common law applicable to us which differ in certain respects from provisions of the General Corporation Law of the State of Delaware.
Duties of Directors. The Companies Act authorizes the directors of a company, subject to its bye-laws, to exercise all powers of the
company except those that are required by the Companies Act or the company’s bye-laws to be exercised by the shareholders of the company. Our bye-laws provide that our business is to be managed and conducted by our board of directors. At common
law, members of a board of directors owe a fiduciary duty to the company to act in good faith in their dealings with or on behalf of the company and exercise their powers and fulfill the duties of their office honestly. This duty includes the
following essential elements:
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a duty to act in good faith in the best interests of the company; |
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a duty not to make a personal profit from opportunities that arise from the office of director; |
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a duty to avoid conflicts of interest; and |
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a duty to exercise powers for the purpose for which such powers were intended. |
The Companies
Act imposes a duty on directors and officers of a Bermuda company:
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to act honestly and in good faith with a view to the best interests of the company; and |
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to exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable circumstances. |
Our directors and officers generally owe fiduciary duties to the company, and not to the company’s individual shareholders. Our
shareholders may not have a direct cause of action against our directors.
Under Delaware law, the business and affairs of a corporation
are managed by or under the direction of its board of directors. In exercising their powers, directors are charged with a fiduciary duty of care and a fiduciary duty of loyalty. The duty of care requires that directors act in an informed and
deliberative manner and inform themselves, prior to making a business decision, of all material information reasonably available to them. The duty of care extends to director oversight and investigation of the conduct of corporate employees. The
duty of loyalty may be summarized as the duty to act in good faith, not out of self-interest, and in a manner which the director reasonably believes to be in the best interests of the shareholders.
Delaware law provides that a party challenging the propriety of a decision of a board of directors bears the burden of rebutting the
applicability of the presumptions afforded to directors by the “business judgment rule.” The business judgment rule is a presumption that in making a business decision, directors acted on an informed basis and that the action taken was in
the best interests of the company and its shareholders. Accordingly, unless the presumption is rebutted, a board’s decision will be upheld unless there can be no rational business purpose for the action or the action constitutes corporate
waste. If the presumption is not rebutted, the business judgment rule protects the directors and their decisions, and their business judgments will not be second guessed. Where, however, the presumption is rebutted, the directors generally bear the
burden of demonstrating the entire fairness of the relevant transaction. Notwithstanding the foregoing, Delaware courts may subject certain conduct of directors to enhanced scrutiny, such as in respect of defensive actions taken in response to a
threat to corporate control or the approval of a transaction resulting in a sale of control of the corporation.
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Interested Directors. Bermuda law and our bye-laws provide that if a director has an
interest in a material transaction or proposed material transaction with us or any of our subsidiaries or has a material interest in any person that is a party to such a transaction, the director must disclose the nature of that interest at the
first opportunity either at a meeting of directors or in writing to the directors. Our bye-laws provide that, after a director has made such a declaration of interest, he is allowed to be counted for purposes of determining whether a quorum is
present and to vote on a transaction in which he has an interest, unless disqualified from doing so by the chairman of the relevant board meeting. Under Delaware law, such transaction would not be voidable if (i) the material facts as to such
interested director’s relationship or interests are disclosed or are known to the board of directors and the board in good faith authorizes the transaction by the affirmative vote of a majority of the disinterested directors, (ii) such
material facts are disclosed or are known to the shareholders entitled to vote on such transaction and the transaction is specifically approved in good faith by vote of the majority of shares entitled to vote thereon or (iii) the transaction is
fair as to the company as of the time it is authorized, approved or ratified. Under Delaware law, such interested director could be held liable for a transaction in which such director derived an improper personal benefit.
Voting Rights and Quorum Requirements. Under Bermuda law, the voting rights of our shareholders are regulated by our bye-laws and, in
certain circumstances, the Companies Act. Under our bye-laws, at any general meeting, two or more persons present in person at the start of the meeting and representing in person or by proxy more than 50% of all votes attaching to all shares in
issue entitling the holder to vote at the meeting, shall constitute a quorum for the transaction of business at that meeting. Generally, except as otherwise provided in the bye-laws, or the Companies Act, any action or resolution requiring approval
of the shareholders may be passed by a simple majority of votes cast except for the election of directors which requires only a plurality of the votes cast.
Any individual who is a shareholder of the company and who is present at a meeting may vote in person, as may any corporate shareholder that
is represented by a duly authorized representative at a meeting of shareholders. Our bye-laws also permit attendance at general meetings by proxy, provided the instrument appointing the proxy is in the form specified in the bye-laws or such other
form as the board may determine. Under our bye-laws, each holder of common shares is entitled to one vote per common share held.
Under
Delaware law, unless otherwise provided in the company’s certificate of incorporation, each shareholder is entitled to one vote for each share of stock held by the shareholder. Delaware law provides that unless otherwise provided in a
company’s certificate of incorporation or bylaws, a majority of the shares entitled to vote, present in person or represented by proxy, constitutes a quorum at a meeting of shareholders. In matters other than the election of directors, with the
exception of certain extraordinary transactions with special voting requirements, and unless otherwise provided in a company’s certificate of incorporation or bylaws, the affirmative vote of a majority of shares present in person or represented
by proxy and entitled to vote at a meeting in which a quorum is present is required for shareholder action, and the affirmative vote of a plurality of shares present in person or represented by proxy and entitled to vote at a meeting in which a
quorum is present is required for the election of directors.
Dividends. Under Bermuda law, a company may not declare or pay
dividends if there are reasonable grounds for believing that: (i) the company is, or would after the payment be, unable to pay its liabilities as they become due; or (ii) that the realizable value of its assets would thereby be less than
its liabilities. Under our bye-laws, each common share is entitled to dividends if, as and when dividends are declared by our board of directors, subject to any preferred dividend right of the holders of any preference shares.
Under Delaware law, subject to any restrictions contained in the company’s certificate of incorporation, a company may pay dividends out
of surplus or, if there is no surplus, out of net profits for the fiscal year in which the dividend is declared and for the preceding fiscal year. Delaware law also provides that dividends may not be paid out of net profits if, after the payment of
the dividend, capital is less than the capital represented by the outstanding stock of all classes having a preference upon the distribution of assets.
Amalgamations, Mergers and Similar Arrangements. The amalgamation or merger of a Bermuda company with another company or corporation
(other than certain affiliated companies) requires the amalgamation or merger agreement to be approved by the company’s board of directors and by its shareholders. Unless the company’s bye-laws provide otherwise, the approval of 75% of the
shareholders voting at such meeting is required to approve the amalgamation or merger agreement, and the quorum for such meeting must be two persons holding or representing more than one-third of the issued shares of the company. Our bye-laws
provide that a merger or an amalgamation (other than with certain affiliated companies)
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that has been approved by the board must only be approved by a majority of the votes cast at a general meeting of the shareholders at which the quorum shall be two or more persons present in
person at the start of the meeting and representing in person or by proxy more than 50% of all votes attaching to all shares in issue entitling the holder to vote at the meeting. Any amalgamation not approved by our board must be approved by a
shareholders resolution, including the affirmative vote of at least 66% of all votes attaching to all shares in issue entitling the holder to vote on such matter.
Under Bermuda law, in the event of an amalgamation or merger of a Bermuda company with another company or corporation, a shareholder of the
Bermuda company who did not vote in favor of the amalgamation or merger and is not satisfied that fair value has been offered for such shareholder’s shares may, within one month of notice of the shareholders meeting, apply to the Supreme Court
of Bermuda to appraise the fair value of those shares.
Under Delaware law, with certain exceptions, a merger, consolidation or sale of
all or substantially all the assets of a corporation must be approved by the board of directors and a majority of the issued and outstanding shares entitled to vote thereon. Under Delaware law, a shareholder of a corporation participating in certain
major corporate transactions may, under certain circumstances, be entitled to appraisal rights pursuant to which such shareholder may receive cash in the amount of the fair value of the shares held by such shareholder (as determined by a court) in
lieu of the consideration such shareholder would otherwise receive in the transaction. Among other limitations, such appraisal right is not available to shareholders if the stock received in the transaction is listed on a national securities
exchange.
Takeovers. Under Bermuda law, an acquiring party is generally able to acquire compulsorily the common shares of minority
holders in the following ways:
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By a procedure under the Companies Act known as a “scheme of arrangement”. A scheme of arrangement could be effected by obtaining the agreement of the company and of holders of common shares, representing in
the aggregate a majority in number and at least 75% in value of the common shareholders present and voting at a court ordered meeting held to consider the scheme of arrangement. The scheme of arrangement must then be sanctioned by the Bermuda
Supreme Court. If a scheme of arrangement receives all necessary agreements and sanctions, upon the filing of the court order with the Registrar of Companies in Bermuda, all holders of common shares could be compelled to sell their shares under the
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If the acquiring party is a company by acquiring pursuant to a tender offer 90% of the shares or class of shares not already owned by, or by a nominee for, the acquiring party (the offeror), or any of its subsidiaries.
If an offeror has, within four months after the making of an offer for all the shares or class of shares not owned by, or by a nominee for, the offeror, or any of its subsidiaries, obtained the approval of the holders of 90% or more of all the
shares to which the offer relates, the offeror may, at any time within two months beginning with the date on which the approval was obtained, require by notice any nontendering shareholder to transfer its shares on the same terms as the original
offer. In those circumstances, nontendering shareholders will be compelled to sell their shares unless the Supreme Court of Bermuda (on application made within a one-month period from the date of the offeror’s notice of its intention to acquire
such shares) orders otherwise. |
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Where the acquiring party or parties holds not less than 95% of the shares or a class of shares of a company, such holder(s) may, pursuant to a notice given to the remaining shareholders or class of shareholders,
acquire the shares of such remaining shareholders or class of shareholders. When this notice is given, the acquiring party is entitled and bound to acquire the shares of the remaining shareholders on the terms set out in the notice, unless a
remaining shareholder, within one month of receiving such notice, applies to the Supreme Court of Bermuda for an appraisal of the value of their shares. This provision only applies where the acquiring party offers the same terms to all holders of
shares whose shares are being acquired. |
Delaware law provides that a parent corporation, by resolution of its board of
directors and without any shareholder vote, may merge with any subsidiary of which it owns at least 90% of each class of its capital stock. Upon any such merger, dissenting shareholders of the subsidiary are entitled to certain appraisal rights.
Share Repurchases. The Companies Act permits a company to purchase its own shares if authorized to do so by its memorandum of
association or bye-laws. Our bye-laws allow us to purchase our own shares for cancellation on such terms as our board of directors may authorize, without obtaining prior shareholder approval. Our ability to repurchase our common shares may be
limited in the future by the special veto rights, if any, of the holders of our preference shares.
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Delaware law permits a corporation to redeem its own shares on such terms as its board of
directors may authorize, without obtaining prior shareholder approval and so long as the capital of the corporation is not impaired and such redemption does not impair the capital of the corporation.
Shareholders’ Suits. Class actions and derivative actions are generally not available to shareholders under Bermuda law. The
Bermuda courts, however, would ordinarily be expected to permit a shareholder to commence an action in the name of a company to remedy a wrong to the company where the act complained of is alleged to be beyond the corporate power of the company or
illegal, or would result in the violation of the company’s memorandum of association or bye-laws. Furthermore, consideration would be given by a Bermuda court to acts that are alleged to constitute a fraud against the minority shareholders or,
for instance, where an act requires the approval of a greater percentage of the company’s shareholders than that which actually approved it.
When the affairs of a company are being conducted in a manner which is oppressive or prejudicial to the interests of some part of the
shareholders, one or more shareholders may apply to the Supreme Court of Bermuda, which may make such order as it sees fit, including an order regulating the conduct of the company’s affairs in the future or ordering the purchase of the shares
of any shareholders by other shareholders or by the company.
Our bye-laws contain a provision by virtue of which our shareholders waive
any claim or right of action that they have, both individually and on our behalf, against any director or officer in relation to any action or failure to take action by such director or officer, except in respect of any fraud or dishonesty of such
director or officer. We have been advised by the SEC that in their opinion, the operation of this provision as a waiver of the right to sue for violations of federal securities laws would likely be unenforceable in U.S. courts.
Class actions and derivative actions generally are available to shareholders under Delaware law for, among other things, breach of fiduciary
duty, corporate waste and actions not taken in accordance with applicable law. In such actions, the court generally has discretion to permit the winning party to recover attorneys’ fees incurred in connection with such action.
Indemnification of Directors and Officers. Section 98 of the Companies Act provides generally that a Bermuda company may indemnify
its directors, officers and auditors against any liability which by virtue of any rule of law would otherwise be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where such liability arises
from fraud or dishonesty of which such director, officer or auditor may be guilty in relation to the company. Section 98 of the Companies Act provides that a Bermuda company may indemnify its directors, officers and auditors against any
liability incurred by them in defending any proceedings, whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant to section 281 of the Companies
Act. Section 98 of the Companies Act further provides that a company may advance moneys to an officer or auditor for the costs, charges and expenses incurred by the officer or auditor in defending any civil or criminal proceedings against them,
on condition that the officer or auditor shall repay the advance if any allegation of fraud or dishonesty is proved against them.
We have adopted provisions in our bye-laws that provide that we shall indemnify our officers and directors in respect of their actions and
omissions, except in respect of their fraud or dishonesty. Our bye-laws provide that the shareholders waive all claims or rights of action that they might have, individually or in right of the company, against any of the company’s directors or
officers for any act or failure to act in the performance of such director’s or officer’s duties, except in respect of any fraud or dishonesty of such director or officer. Section 98A of the Companies Act permits us to purchase and
maintain insurance for the benefit of any officer or director in respect of any loss or liability attaching to him in respect of any negligence, default, breach of duty or breach of trust, whether or not we may otherwise indemnify such officer or
director. We have purchased and maintain a directors’ and officers’ liability policy for such a purpose.
Under Delaware law, a
corporation may include in its certificate of incorporation a provision that, subject to the limitations described below, eliminates or limits director liability to the corporation or its shareholders for monetary damages for breaches of their
fiduciary duty of care. Under Delaware law, a director’s liability cannot be eliminated or limited for (i) breaches of the duty of loyalty, (ii) acts or omissions not in good faith or that involve intentional misconduct or a knowing
violation of law, (iii) the payment of unlawful dividends or expenditure of funds for unlawful stock purchases or redemptions, or (iv) transactions from which such director derived an improper personal benefit.
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Delaware law provides that a corporation may indemnify a director, officer, employee or agent of
the corporation against expenses (including attorney’s fees), judgments, fines and amounts paid in settlement actually and reasonably incurred in any civil, criminal, administrative or investigative proceeding if they acted in good faith and in
a manner they reasonably believed to be in or not opposed to the best interests of the corporation and, with respect to any criminal proceeding, had no reasonable cause to believe their conduct was unlawful, except that in any action brought by or
in the right of the corporation, such indemnification may be made only for expenses (not judgments, fines or amounts paid in settlement) and may not be made even for expenses if the officer, director or other person is adjudged liable to the
corporation (unless otherwise determined by the court). In addition, under Delaware law, to the extent that a director or officer of a corporation has been successful on the merits or otherwise in defense of any proceeding referred to above, he or
she must be indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such person in connection with such proceeding. Furthermore, under Delaware law, a corporation is permitted to maintain directors’ and
officers’ insurance.
Inspection of Corporate Records. Members of the general public have the right to inspect our public
documents available at the office of the Registrar of Companies in Bermuda and our registered office in Bermuda, which will include our memorandum of association (including its objects and powers) and certain alterations to our memorandum of
association. Our shareholders have the additional right to inspect our bye-laws, minutes of general meetings and audited financial statements, which must be presented to the annual general meeting of shareholders. The register of members of a
company is also open to inspection by shareholders and by members of the general public without charge. The register of members and the register of directors and officers is required to be open for inspection for not less than two hours in any
business day (subject to the ability of a company to close the register of members for not more than 30 days in a year). A company is required to maintain its share register in Bermuda but may, subject to the provisions of the Companies Act,
establish a branch register outside of Bermuda. A company is required to keep at its registered office a register of directors and officers. Bermuda law does not, however, provide a general right for shareholders to inspect or obtain copies of any
other corporate records. Delaware law provides that any shareholder of record, in person or by attorney or other agent, upon written demand under oath stating the purpose of the demand, has the right during the corporation’s usual hours for
business to inspect or make copies or extracts of a corporation’s stock ledger and its other books and records for any purpose reasonably related to such person’s interest as a shareholder. Under Delaware law, in connection with any
meeting of shareholders, the complete list of the shareholders entitled to vote at such meeting must be open to the examination of any shareholder for any purpose germane to such meeting for a period of at least 10 days prior to a shareholder
meeting and at all times during the shareholder meeting.
Shareholder Proposals. Under Bermuda law, shareholder(s) may, as
set forth below and at their own expense (unless the company otherwise resolves), require the company to: (i) give notice to all shareholders entitled to receive notice of the annual general meeting of any resolution that the shareholder(s) may
properly move at the next annual general meeting; and/or (ii) circulate to all shareholders entitled to receive notice of any general meeting a statement in respect of any matter referred to in any proposed resolution or any business to be
conducted at such general meeting. The number of shareholders necessary for such a requisition is either: (i) any number of shareholders representing not less than 5% of the total voting rights of all shareholders entitled to vote at the
meeting to which the requisition relates; or (ii) not less than 100 shareholders. Delaware law does not include a provision restricting the manner in which nominations for directors may be made by shareholders or the manner in which business
may be brought before a meeting, although restrictions may be included in a Delaware company’s certificate of incorporation or bylaws.
Calling of Special Shareholders Meetings. Under Aircastle’s bye-laws, a special general meeting may be called by the President,
the chairman of the board or the board of directors. The board of directors must call a special general meeting upon the request of Fortress or any “significant shareholder” or “affiliate” of such shareholder (both as defined in
the bye-laws) so long as the significant shareholder and its affiliates collectively hold shares carrying at least 10% of the votes attaching to all issued and outstanding shares at the time of such request. Bermuda law also provides that a special
general meeting must be called upon the request of shareholders holding not less than 10% of the paid-up capital of the company carrying the right to vote at general meetings. Delaware law permits the board of directors or any person who is
authorized under a corporation’s certificate of incorporation or bylaws to call a special meeting of shareholders.
Amendment of Organizational Documents. Bermuda law provides that the memorandum of association of a company may be amended by a
resolution passed at a general meeting of shareholders of which due notice has been given. Certain amendments to the memorandum of association may require approval of the Bermuda Minister of Finance, who may grant or withhold approval at his or her
discretion.
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Under Bermuda law, the holders of an aggregate of not less than 20% in par value of a
company’s issued and outstanding share capital have the right to apply to the Bermuda courts for an annulment of any amendment of the memorandum of association adopted by shareholders at any general meeting, other than an amendment which alters
or reduces a company’s share capital as provided in the Companies Act. Where such an application is made, the amendment becomes effective only to the extent that it is confirmed by the Bermuda court. An application for an annulment of an
amendment of the memorandum of association must be made within 21 days after the date on which the resolution altering the company’s memorandum of association is passed and may be made on behalf of persons entitled to make the application by
one or more of their designees as such holders may appoint in writing for such purpose. No application may be made by the shareholders voting in favor of the amendment.
Under Delaware law, amendment of the certificate of incorporation, which is the equivalent of a memorandum of association, of a company must
be made by a resolution of the board of directors setting forth the amendment, declaring its advisability, and either calling a special meeting of the shareholders entitled to vote or directing that the proposed amendment be considered at the next
annual meeting of the shareholders. Delaware law requires that, unless a greater percentage is provided for in the certificate of incorporation, a majority of the outstanding voting power of the corporation is required to approve any amendment to
the certificate of incorporation that requires adoption by shareholders at the shareholders’ meeting. Notwithstanding such requirements, unless otherwise expressly required by the certificate of incorporation, no meeting or vote of shareholders
is required to change the corporate name or delete provisions that were necessary to effect a change, exchange, reclassification, subdivision, combination or cancellation of stock if such change, exchange, reclassification, subdivision, combination
or cancellation has become effective. If the amendment would alter the number of authorized shares or par value or otherwise adversely affect the powers, preferences or special rights of any class of a company’s stock, the holders of the issued
and outstanding shares of such affected class, regardless of whether such holders are entitled to vote by the certificate of incorporation, are entitled to vote as a class upon the proposed amendment. However, the number of authorized shares of any
class may be increased or decreased, to the extent not falling below the number of shares then outstanding, by the affirmative vote of the holders of a majority of the stock entitled to vote, if so provided in the company’s original certificate
of incorporation or any amendment thereto creating such class, adopted prior to the issuance of any shares of such class or authorized by a resolution by the holders of a majority of such class.
Amendment of Bye-laws. Except as provided below, Aircastle’s bye-laws provide that the bye-laws may only be rescinded, altered or
amended upon approval by a resolution of Aircastle’s board of directors and by a resolution of our shareholders.
Those
bye-laws regarding the election of directors, classes of directors, the term of office of directors, amalgamations and the bye-law governing the amendment of the foregoing bye-laws may only be rescinded, altered or amended upon approval by a
resolution of the directors and by a resolution of our shareholders, including the affirmative votes of at least 66.0% of the votes attaching to all shares in issue entitling the holder to vote on such resolution.
Those bye-laws dealing with the removal of directors, corporate opportunity and the bye-law governing the amendment of the foregoing bye-laws
may only be rescinded, altered or amended upon approval by a resolution of the directors and by a resolution of our shareholders, including the affirmative votes of at least 80.0% of the votes attaching to all shares in issue entitling the holder to
vote on such resolution.
Under Delaware law, unless the certificate of incorporation or bylaws provide for a different vote, holders of a
majority of the voting power of a corporation and, if so provided in the certificate of incorporation, the directors of the corporation have the power to adopt, amend and repeal the bylaws of a corporation.
Dissolution. Under Bermuda law, a solvent company may be wound up by way of a shareholders’ voluntary liquidation. Prior to the
company entering liquidation, a majority of the directors shall each make a statutory declaration, which states that the directors have made a full enquiry into the affairs of the company and have formed the opinion that the company will be able to
pay its debts within a period of 12 months of the commencement of the winding up and must file the statutory declaration with the Registrar of Companies in Bermuda. The general meeting will be convened primarily for the purposes of passing a
resolution that the company be wound up voluntarily and appointing a liquidator. The winding up of the company is deemed to commence at the time of the passing of the resolution.
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Under Delaware law, a corporation may voluntarily dissolve (1) if a majority of the board of
directors adopts a resolution to that effect and the holders of a majority of the issued and outstanding shares entitled to vote thereon vote for such dissolution; or (2) if all shareholders entitled to vote thereon consent in writing to such
dissolution.
Transfer Agent and Registrar
A register of holders of the common shares is maintained by Codan Services Limited in Bermuda, and a branch register is maintained in the
United States by American Stock Transfer & Trust Company, LLC, who serves as branch registrar and transfer agent. The telephone number of Codan Services Limited is +1 (441) 295-5950 and of American Stock Transfer & Trust
Company, LLC is +1 (212) 936-5100.
DESCRIPTION OF DEPOSITARY SHARES
This section describes the general terms and provisions of the depositary shares. The applicable prospectus supplement will describe the
specific terms of the depositary shares offered by that prospectus supplement and any general terms outlined in this section that will not apply to those depositary shares.
We may issue depositary receipts representing interests in a particular series of preference shares which are called depositary shares. We
will deposit the series of preference shares which are the subject of depositary shares with a depositary to be named in the applicable prospectus supplement, which will hold the preference shares for the benefit of the holders of the depositary
shares, in accordance with a deposit agreement between the depositary and us. The holders of depositary shares will be entitled to all the rights and preferences of the preference shares to which the depositary shares relate, including dividend,
voting, conversion, redemption and liquidation rights, to the extent of their interests in the preference shares.
While the deposit
agreement relating to a particular series of preference shares may have provisions applicable solely to that series of preference shares, all deposit agreements relating to preference shares we issue will include the following provisions:
Dividends and Other Distributions
Each
time we pay a cash dividend or make any other type of cash distribution with regard to preference shares of a series, the depositary will distribute to the holder of record of each depositary share relating to that series of preference shares an
amount equal to the dividend or other distribution per depositary share the depositary receives. If there is a distribution of property other than cash, the depositary either will distribute the property to the holders of depositary shares in
proportion to the depositary shares held by each of them, or the depositary will, if we approve, sell the property and distribute the net proceeds to the holders of the depositary shares in proportion to the depositary shares held by them.
Withdrawal of Preference Shares
Whenever
we redeem preferred shares held by a depositary, the depositary will be required to redeem, on the same redemption date, depositary shares constituting, in total, the number of preferred shares held by the depositary which we redeem, subject to the
depositary’s receiving the redemption price of those preferred shares. If fewer than all the depositary shares relating to a series are to be redeemed, the depositary shares to be redeemed will be selected by lot or by another method we
determine to be equitable.
Redemption of Depositary Shares
Whenever we redeem preference shares held by a depositary, the depositary will be required to redeem, on the same redemption date, depositary
shares constituting, in total, the number of preference shares held by the depositary which we redeem, subject to the depositary’s receiving the redemption price of those preference shares. If fewer than all the depositary shares relating to a
series are to be redeemed, the depositary shares to be redeemed will be selected by lot or by another method we determine to be equitable.
Voting
Any time we send a notice of meeting or other materials relating to a meeting to the holders of a series of preference shares to which
depositary shares relate, we will provide the depositary with sufficient copies of those materials so they can
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be sent to all holders of record of the applicable depositary shares, and the depositary will send those materials to the holders of record of the depositary shares on the record date for the
meeting. The depositary will solicit voting instructions from holders of depositary shares and will vote or not vote the preference shares to which the depositary shares relate in accordance with those instructions.
Liquidation Preference
Upon our
liquidation, dissolution or winding up, the holder of a depositary share will be entitled to what the holder of the depositary share would have received if the holder had owned the number of preference shares (or fraction of a share) which is
represented by the depositary share.
Conversion
If a series of preference shares are convertible into common shares or other of our securities or property, holders of depositary shares
relating to that series of preference shares will, if they surrender depositary receipts representing depositary shares and appropriate instructions to convert them, receive the common shares or other securities or property into which the number of
preference shares (or fractions of shares) to which the depositary shares relate could at the time be converted.
Amendment and Termination of a
Deposit Agreement
We and the depositary may amend a deposit agreement, except that an amendment which materially and adversely affects
the rights of holders of depositary shares, or would be materially and adversely inconsistent with the rights granted to the holders of the preference shares to which they relate, must be approved by holders of at least two-thirds of the outstanding
depositary shares. No amendment will impair the right of a holder of depositary shares to surrender the depositary receipts evidencing those depositary shares and receive the preference shares to which they relate, except as required to comply with
law. We may terminate a deposit agreement with the consent of holders of a majority of the depositary shares to which it relates. Upon termination of a deposit agreement, the depositary will make the whole or fractional shares of preference shares
to which the depositary shares issued under the deposit agreement relate available to the holders of those depositary shares. A deposit agreement will automatically terminate if:
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All outstanding depositary shares to which it relates have been redeemed or converted; and/or |
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The depositary has made a final distribution to the holders of the depositary shares issued under the deposit agreement upon our liquidation, dissolution or winding up. |
Miscellaneous
There will be provisions:
(1) requiring the depositary to forward to holders of record of depositary shares any reports or communications from us which the depositary receives with respect to the preference shares to which the depositary shares relate;
(2) regarding compensation of the depositary; (3) regarding resignation of the depositary; (4) limiting our liability and the liability of the depositary under the deposit agreement (usually to failure to act in good faith, gross
negligence or willful misconduct); and (5)
indemnifying the depositary against certain possible liabilities.
DESCRIPTION OF DEBT SECURITIES
We may offer secured or unsecured debt securities in one or more series which may be senior, subordinated or junior subordinated, and which
may be convertible into another security.
The following description briefly sets forth certain general terms and provisions of the debt
securities. The particular terms of the debt securities offered by any prospectus supplement and the extent, if any, to which these general provisions may apply to the debt securities, will be described in the applicable prospectus supplement.
Unless otherwise specified in the applicable prospectus supplement, our debt securities will be issued in one or more series under an indenture, dated as of December 5, 2013, between us and Wells Fargo Bank, National Association, as trustee, as
supplemented by a first supplemental indenture on December 5, 2013, a second supplemental indenture on March 26, 2014 and a third supplemental indenture on January 15, 2015. The indenture is attached as an exhibit to the registration
statement of which this prospectus forms a part. The terms of the debt securities will include those set forth in the applicable indenture and those made a part of the global indenture by the Trust Indenture Act of 1939 (“TIA”). You should
read the summary below, the applicable prospectus supplement and the provisions of the applicable indenture and indenture supplement, if any, in their entirety before investing in our debt securities.
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The aggregate principal amount of debt securities that may be issued under the indenture is
unlimited. The prospectus supplement relating to any series of debt securities that we may offer will contain the specific terms of the debt securities. These terms may include the following:
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the title and aggregate principal amount of the debt securities and any limit on the aggregate principal amount; |
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whether the debt securities will be senior, subordinated or junior subordinated; |
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whether the debt securities will be secured or unsecured; |
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any applicable subordination provisions for any subordinated debt securities; |
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the maturity date(s) or method for determining same; |
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the interest rate(s) or the method for determining same; |
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the dates on which interest will accrue or the method for determining dates on which interest will accrue and dates on which interest will be payable and whether interest shall be payable in cash or additional
securities; |
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whether the debt securities are convertible or exchangeable into other securities and any related terms and conditions; |
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redemption or early repayment provisions; |
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authorized denominations; |
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if other than the principal amount, the principal amount of debt securities payable upon acceleration; |
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place(s) where payment of principal and interest may be made, where debt securities may be presented and where notices or demands upon the company may be made; |
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whether such debt securities will be issued in whole or in part in the form of one or more global securities and the date as which the securities are dated if other than the date of original issuance; |
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amount of discount or premium, if any, with which such debt securities will be issued; |
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any covenants applicable to the particular debt securities being issued; |
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any additions or changes in the defaults and events of default applicable to the particular debt securities being issued; |
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the guarantors of each series, if any, and the extent of the guarantees (including provisions relating to seniority, subordination, security and release of the guarantees), if any; |
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the currency, currencies or currency units in which the purchase price for, the principal of and any premium and any interest on, such debt securities will be payable; |
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the time period within which, the manner in which and the terms and conditions upon which the holders of the debt securities or the company can select the payment currency; |
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our obligation or right to redeem, purchase or repay debt securities under a sinking fund, amortization or analogous provision; |
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our obligation or right to redeem, purchase or repay debt securities under a sinking fund, amortization or analogous provision; |
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any restriction or conditions on the transferability of the debt securities; |
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provisions granting special rights to holders of the debt securities upon occurrence of specified events; |
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additions or changes relating to compensation or reimbursement of the trustee of the series of debt securities; |
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additions or changes to the provisions for the defeasance of the debt securities or to provisions related to satisfaction and discharge of the indenture; |
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provisions relating to the modification of the indenture both with and without the consent of holders of debt securities issued under the indenture and the execution of supplemental indentures for such series; and
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any other terms of the debt securities (which terms shall not be inconsistent with the provisions of the TIA, but may modify, amend, supplement or delete any of the terms of the indenture with respect to such series
debt securities). |
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General
We may sell the debt securities, including original issue discount securities, at par or at a substantial discount below their stated principal
amount. Unless we inform you otherwise in a prospectus supplement, we may issue additional debt securities of a particular series without the consent of the holders of the debt securities of such series or any other series outstanding at the time of
issuance. Any such additional debt securities, together with all other outstanding debt securities of that series, will constitute a single series of securities under the indenture.
We will describe in the applicable prospectus supplement any other special considerations for any debt securities we sell which are
denominated in a currency or currency unit other than U.S. dollars. In addition, debt securities may be issued where the amount of principal and/or interest payable is determined by reference to one or more currency exchange rates, commodity prices,
equity indices or other factors. Holders of such securities may receive a principal amount or a payment of interest that is greater than or less than the amount of principal or interest otherwise payable on such dates, depending upon the value of
the applicable currencies, commodities, equity indices or other factors. Information as to the methods for determining the amount of principal or interest, if any, payable on any date, the currencies, commodities, equity indices or other factors to
which the amount payable on such date is linked.
Material United States federal income tax consequences and special considerations, if
any, applicable to any such series will be described in the applicable prospectus supplement. Unless we inform you otherwise in the applicable prospectus supplement, the debt securities will not be listed on any securities exchange.
We expect most debt securities to be issued in fully registered form without coupons and in denominations of U.S. $2,000 and any integral
multiples in excess thereof. Subject to the limitations provided in the indenture and in the prospectus supplement, debt securities that are issued in registered form may be transferred or exchanged at the designated corporate trust office of the
trustee, without the payment of any service charge, other than any tax or other governmental charge payable in connection therewith.
Global Securities
Unless we inform you otherwise in the applicable prospectus supplement, the debt securities of a series may be issued in whole or in
part in the form of one or more global securities that will be deposited with, or on behalf of, a depositary identified in the applicable prospectus supplement. Global securities will be issued in registered form and in either temporary or
definitive form. Unless and until it is exchanged in whole or in part for the individual debt securities, a global security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary or by a
nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such nominee to a successor of such depositary or a nominee of such successor. The specific terms of the depositary arrangement with
respect to any debt securities of a series and the rights of and limitations upon owners of beneficial interests in a global security will be described in the applicable prospectus supplement.
Governing Law
The indenture and the debt
securities shall be construed in accordance with and governed by the laws of the State of New York.
DESCRIPTION OF WARRANTS
We may issue warrants for the purchase of common shares, preference shares or debt securities. We may issue warrants independently or together
with any offered securities. The warrants may be attached to or separate from those offered securities. We will issue the warrants under warrant agreements to be entered into between us and a bank or trust company to be named in the applicable
prospectus supplement, as warrant agent, all as described in the applicable prospectus supplement. The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation or relationship of agency or trust
for or with any holders or beneficial owners of warrants.
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The prospectus supplement relating to any warrants that we may offer will contain the specific
terms of the warrants. These terms may include the following:
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the title of the warrants; |
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the price or prices at which the warrants will be issued; |
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the designation, amount and terms of the securities for which the warrants are exercisable; |
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the designation and terms of the other securities, if any, with which the warrants are to be issued and the number of warrants issued with each other security; |
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the aggregate number of warrants; |
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any provisions for adjustment of the number or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants; |
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the price or prices at which the securities purchasable upon exercise of the warrants may be purchased; |
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if applicable, the date on and after which the warrants and the securities purchasable upon exercise of the warrants will be separately transferable; |
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if applicable, a discussion of the material U.S. federal income tax considerations applicable to the exercise of the warrants; |
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the date on which the right to exercise the warrants will commence, and the date on which the right will expire; |
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the maximum or minimum number of warrants that may be exercised at any time; |
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information with respect to book-entry procedures, if any; and |
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any other terms of the warrants, including terms, procedures and limitations relating to the exchange and exercise of the warrants. |
Exercise of Warrants
Each warrant will
entitle the holder of the warrant to purchase for cash the amount of common shares, preference shares or debt securities at the exercise price stated or determinable in the applicable prospectus supplement for the warrants. Warrants may be exercised
at any time up to the close of business on the expiration date shown in the applicable prospectus supplement, unless otherwise specified in such prospectus supplement. After the close of business on the expiration date, unexercised warrants will
become void. Warrants may be exercised as described in the applicable prospectus supplement. When the warrant holder makes the payment and properly completes and signs the warrant certificate at the corporate trust office of the warrant agent or any
other office indicated in the prospectus supplement, we will, as soon as possible, forward the common shares, preference shares or debt securities that the warrant holder has purchased. If the warrant holder exercises the warrant for less than all
of the warrants represented by the warrant certificate, we will issue a new warrant certificate for the remaining warrants.
DESCRIPTION OF SUBSCRIPTION RIGHTS
We may issue subscription rights to purchase common shares, preference shares, debt securities
or other securities. These subscription rights may be issued independently or together with any other security offered by us and may or may not be transferable by the securityholder receiving the subscription rights in such offering. In connection
with any offering of subscription rights, we may enter into a standby arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required to purchase any securities remaining
unsubscribed for after such offering.
The applicable prospectus supplement will describe the specific terms of any offering of
subscription rights for which this prospectus is being delivered, including the following:
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the price, if any, for the subscription rights; |
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the exercise price payable for each common share, preference share, debt securities or other securities upon the exercise of the subscription rights; |
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the number of subscription rights issued to each securityholder; |
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the number and terms of each common share, preference share, debt securities or other securities which may be purchased per each subscription right; |
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the extent to which the subscription rights are transferable; |
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any provisions for adjustment of the number or amount of securities receivable upon exercise of the subscription rights or the exercise price of the subscription rights; |
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any other terms of the subscription rights, including the terms, procedures and limitations relating to the exchange and exercise of the subscription rights; |
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the date on which the right to exercise the subscription rights shall commence, and the date on which the subscription rights shall expire; |
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the extent to which the subscription rights may include an over-subscription privilege with respect to unsubscribed securities; and |
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if applicable, the material terms of any standby underwriting or purchase arrangement entered into by us in connection with the offering of subscription rights. |
The description in the applicable prospectus supplement of any subscription rights we offer will not necessarily be complete and will be
qualified in its entirety by reference to the applicable subscription rights certificate or subscription rights agreement, which will be filed with the SEC if we offer subscription rights. For more information on how you can obtain copies of any
subscription rights certificate or subscription rights agreement if we offer subscription rights, see “Where You Can Find More Information” on page 27 of this prospectus. We urge you to read the applicable subscription rights certificate,
the applicable subscription rights agreement and any applicable prospectus supplement in their entirety.
DESCRIPTION OF PURCHASE CONTRACTS AND PURCHASE UNITS
We may issue purchase contracts for the purchase or sale of common shares, preference shares or debt securities issued by us or by third
parties as specified in the applicable prospectus supplement. Each purchase contract will entitle the holder thereof to purchase or sell, and obligate us to sell or purchase on specified dates, such securities at a specified purchase price, which
may be based on a formula, all as set forth in the applicable prospectus supplement. We may, however, satisfy our obligations, if any, with respect to any purchase contract by delivering the cash value of such purchase contract or the cash value of
the securities otherwise deliverable, as set forth in the applicable prospectus supplement. The applicable prospectus supplement will also specify the methods by which the holders may purchase or sell such securities, and any acceleration,
cancellation or termination provisions or other provisions relating to the settlement of a purchase contract. The price per security and the number of securities may be fixed at the time the purchase contracts are entered into or may be determined
by reference to a specific formula set forth in the applicable purchase contracts.
The purchase contracts may be issued separately or as
part of units consisting of a purchase contract and debt securities or debt obligations of third parties, including U.S. treasury securities, or any other securities described in the applicable prospectus supplement or any combination of the
foregoing, securing the holders’ obligations to purchase the securities under the purchase contracts, which we refer to herein as “purchase units.” The purchase contracts may require holders to secure their obligations under the
purchase contracts in a specified manner. The purchase contracts also may require us to make periodic payments to the holders of the purchase contracts or the purchase units, as the case may be, or vice versa, and those payments may be unsecured or
pre-funded on some basis.
The applicable prospectus supplement will describe the terms of any purchase contract or purchase unit and will
contain a summary of certain material U.S. federal income tax consequences applicable to the purchase contracts and purchase units.
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PLAN OF DISTRIBUTION
We may sell the applicable securities offered by this prospectus from time to time in one or more transactions, including without limitation:
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directly to one or more purchasers; |
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to or through underwriters, brokers or dealers; |
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through a combination of any of these methods. |
A distribution of the securities offered by
this prospectus may also be effected through the issuance of derivative securities, including without limitation, warrants, subscriptions, exchangeable securities, forward delivery contracts and the writing of options.
In addition, the manner in which we may sell some or all of the securities covered by this prospectus include, without limitation, through:
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a block trade in which a broker-dealer will attempt to sell as agent, but may position or resell a portion of the block, as principal, in order to facilitate the transaction; |
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purchases by a broker-dealer, as principal, and resale by the broker-dealer for its account; |
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ordinary brokerage transactions and transactions in which a broker solicits purchasers; or |
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privately negotiated transactions. |
We may also enter into hedging transactions. For example,
we may:
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enter into transactions with a broker-dealer or affiliate thereof in connection with which such broker-dealer or affiliate will engage in short sales of the common shares pursuant to this prospectus, in which case such
broker-dealer or affiliate may use shares of common shares received from us to close out its short positions; |
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sell securities short and redeliver such shares to close out our short positions; |
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enter into option or other types of transactions that require us to deliver common shares to a broker-dealer or an affiliate thereof, who will then resell or transfer the common shares under this prospectus; or
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loan or pledge the common shares to a broker-dealer or an affiliate thereof, who may sell the loaned shares or, in an event of default in the case of a pledge, sell the pledged shares pursuant to this prospectus.
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In addition, we may enter into derivative or hedging transactions with third parties, or sell securities not covered by
this prospectus to third parties in privately negotiated transactions. In connection with such a transaction, the third parties may sell the applicable securities covered by and pursuant to this prospectus and an applicable prospectus supplement or
pricing supplement, as the case may be. If so, the third party may use securities borrowed from us to settle such sales and may use securities received from us to close out any related short positions. We may also loan or pledge securities covered
by this prospectus and an applicable prospectus supplement to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge, sell the pledged securities pursuant to this prospectus and the applicable prospectus
supplement or pricing supplement, as the case may be.
A prospectus supplement with respect to each offering of securities will state the
terms of the offering of the securities, including:
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the name or names of any underwriters or agents and the amounts of securities underwritten or purchased by each of them, if any; |
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the public offering price or purchase price of the securities and the net proceeds to be received by us from the sale; |
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any delayed delivery arrangements; |
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any underwriting discounts or agency fees and other items constituting underwriters’ or agents’ compensation; |
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any discounts or concessions allowed or reallowed or paid to dealers; and |
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any securities exchange or markets on which the securities may be listed. |
The offer and sale
of the securities described in this prospectus by us, the underwriters or the third parties described above may be effected from time to time in one or more transactions, including privately negotiated transactions, either:
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at a fixed price or prices, which may be changed; |
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at market prices prevailing at the time of sale; |
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at prices related to the prevailing market prices; or |
General
Any public offering price and any discounts, commissions, concessions or other items constituting compensation allowed or reallowed or paid to
underwriters, dealers, agents or remarketing firms may be changed from time to time. The underwriters, dealers, agents and remarketing firms that participate in the distribution of the offered securities may be “underwriters” as defined in
the Securities Act. Any discounts or commissions they receive from us and any profits they receive on the resale of the offered securities may be treated as underwriting discounts and commissions under the Securities Act. We will identify any
underwriters, agents or dealers and describe their commissions, fees or discounts in the applicable prospectus supplement or pricing supplement, as the case may be.
Underwriters and Agents
If underwriters
are used in a sale, they will acquire the offered securities for their own account. The underwriters may resell the offered securities in one or more transactions, including negotiated transactions. These sales may be made at a fixed public offering
price or prices, which may be changed, at market prices prevailing at the time of the sale, at prices related to such prevailing market price or at negotiated prices. We may offer the securities to the public through an underwriting syndicate or
through a single underwriter. The underwriters in any particular offering will be mentioned in the applicable prospectus supplement or pricing supplement, as the case may be.
Unless otherwise specified in connection with any particular offering of securities, the obligations of the underwriters to purchase the
offered securities will be subject to certain conditions contained in an underwriting agreement that we will enter into with the underwriters at the time of the sale to them. The underwriters will be obligated to purchase all of the securities of
the series offered if any of the securities are purchased, unless otherwise specified in connection with any particular offering of securities. Any initial offering price and any discounts or concessions allowed, reallowed or paid to dealers may be
changed from time to time.
We may designate agents to sell the offered securities. Unless otherwise specified in connection with any
particular offering of securities, the agents will agree to use their best efforts to solicit purchases for the period of their appointment. We may also sell the offered securities to one or more remarketing firms, acting as principals for their own
accounts or as agents for us. These firms will remarket the offered securities upon purchasing them in accordance with a redemption or repayment pursuant to the terms of the offered securities. A prospectus supplement or pricing supplement, as the
case may be will identify any remarketing firm and will describe the terms of its agreement, if any, with us and its compensation.
In
connection with offerings made through underwriters or agents, we may enter into agreements with such underwriters or agents pursuant to which we receive our outstanding securities in consideration for the securities being offered to the public for
cash. In connection with these arrangements, the underwriters or agents may also sell securities covered by this prospectus to hedge their positions in these outstanding securities, including in short sale transactions. If so, the underwriters or
agents may use the securities received from us under these arrangements to close out any related open borrowings of securities.
Dealers
We may sell the offered securities to dealers as principals. We may negotiate and pay dealers’ commissions, discounts or concessions for
their services. The dealer may then resell such securities to the public either at varying prices to be determined by the dealer or at a fixed offering price agreed to with us at the time of resale. Dealers engaged by us may allow other dealers to
participate in resales.
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Direct Sales
We may choose to sell the offered securities directly. In this case, no underwriters or agents would be involved.
Institutional Purchasers
We may
authorize agents, dealers or underwriters to solicit certain institutional investors to purchase offered securities on a delayed delivery basis pursuant to delayed delivery contracts providing for payment and delivery on a specified future date. The
applicable prospectus supplement or pricing supplement, as the case may be, will provide the details of any such arrangement, including the offering price and commissions payable on the solicitations.
We will enter into such delayed contracts only with institutional purchasers that we approve. These institutions may include commercial and
savings banks, insurance companies, pension funds, investment companies and educational and charitable institutions.
Indemnification; Other
Relationships
We may have agreements with agents, underwriters, dealers and remarketing firms to indemnify them against certain civil
liabilities, including liabilities under the Securities Act. Agents, underwriters, dealers and remarketing firms, and their affiliates, may engage in transactions with, or perform services for, us in the ordinary course of business. This includes
commercial banking and investment banking transactions.
Market-Making, Stabilization and Other Transactions
There is currently no market for any of the offered securities, other than the common shares which are listed on the NYSE. If the offered
securities are traded after their initial issuance, they may trade at a discount from their initial offering price, depending upon prevailing interest rates, the market for similar securities and other factors. While it is possible that an
underwriter could inform us that it intends to make a market in the offered securities, such underwriter would not be obligated to do so, and any such market-making could be discontinued at any time without notice. Therefore, no assurance can be
given as to whether an active trading market will develop for the offered securities. We have no current plans for listing of the debt securities, preference shares or warrants on any securities exchange or quotation system; any such listing with
respect to any particular debt securities, preference shares or warrants will be described in the applicable prospectus supplement or pricing supplement, as the case may be.
In connection with any offering of common shares, preference shares, debt securities or securities that provide for the issuance of our common
shares upon conversion, exchange or exercise, as the case may be, the underwriters may purchase and sell common shares, preference shares or our debt securities in the open market. These transactions may include short sales, syndicate covering
transactions and stabilizing transactions. Short sales involve syndicate sales of common shares in excess of the number of shares to be purchased by the underwriters in the offering, which creates a syndicate short position. “Covered”
short sales are sales of shares made in an amount up to the number of shares represented by the underwriters’ over-allotment option. In determining the source of shares to close out the covered syndicate short position, the underwriters will
consider, among other things, the price of shares available for purchase in the open market as compared to the price at which they may purchase shares through the over-allotment option. Transactions to close out the covered syndicate short involve
either purchases of the common shares in the open market after the distribution has been completed or the exercise of the over-allotment option. The underwriters may also make “naked” short sales of shares in excess of the over-allotment
option. The underwriters must close out any naked short position by purchasing common shares in the open market. A naked short position is more likely to be created if the underwriters are concerned that there may be downward pressure on the price
of the shares in the open market after pricing that could adversely affect investors who purchase in the offering. Stabilizing transactions consist of bids for or purchases of shares in the open market while the offering is in progress for the
purpose of pegging, fixing or maintaining the price of the securities.
In connection with any offering, the underwriters may also engage
in penalty bids. Penalty bids permit the underwriters to reclaim a selling concession from a syndicate member when the securities originally sold by the syndicate member are purchased in a syndicate covering transaction to cover syndicate short
positions. Stabilizing transactions, syndicate covering transactions and penalty bids may cause the price of the securities to be higher than it would be in the absence of the transactions. The underwriters may, if they commence these transactions,
discontinue them at any time.
21
LEGAL MATTERS
Unless otherwise indicated in the applicable prospectus supplement, certain legal matters as to U.S. and New York law will be passed upon for
us by Skadden, Arps, Slate, Meagher & Flom LLP, New York, New York. Certain legal matters as to Bermuda law will be passed upon for us by Conyers Dill & Pearman Limited, Hamilton, Bermuda. If the validity of any securities is also
passed upon by counsel for the underwriters of an offering of those securities, that counsel will be named in the prospectus supplement relating to that offering.
EXPERTS
The consolidated financial statements of Aircastle Limited appearing in Aircastle Limited’s Annual Report on Form 10-K for the year ended
December 31, 2014 and the effectiveness of Aircastle Limited’s internal control over financial reporting as of December 31, 2014 have been audited by Ernst & Young LLP, independent registered public accounting firm, as set
forth in their report thereon, included therein, and incorporated herein by reference. Such consolidated financial statements are incorporated herein by reference in reliance upon such report given on the authority of such firm as experts in
accounting and auditing.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
All statements included or incorporated by reference in this prospectus, any accompanying prospectus supplements and the documents
incorporated by reference herein and therein, other than characterizations of historical fact, are forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Examples
of forward-looking statements include, but are not necessarily limited to, statements relating to our ability to acquire, sell, lease or finance aircraft, raise capital, pay dividends, and increase revenues, earnings, EBITDA, Adjusted EBITDA and
Adjusted Net Income and the global aviation industry and aircraft leasing sector. Words such as “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “may,”
“will,” “would,” “could,” “should,” “seeks,” “estimates” and variations on these words and similar expressions are intended to identify such forward-looking statements. These statements are
based on our historical performance and that of our subsidiaries and on our current plans, estimates and expectations and are subject to a number of factors that could lead to actual results materially different from those described in the
forward-looking statements; Aircastle can give no assurance that its expectations will be attained. Accordingly, you should not place undue reliance on any such forward-looking statements contained in this prospectus, any accompanying prospectus
supplements or the documents incorporated by reference herein or therein which are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated as of the date such statements are made. These
risks or uncertainties include, but are not limited to, those described from time to time in Aircastle’s filings with the SEC and previously disclosed under “Risk Factors” in Item 1 A of Aircastle’s 2014 Annual Report on
Form 10-K, and elsewhere in this prospectus. In addition, new risks and uncertainties emerge from time to time, and it is not possible for Aircastle to predict or assess the impact of every factor that may cause its actual results to differ from
those contained in any forward-looking statements. Such forward-looking statements speak only as of the date of this prospectus. Aircastle expressly disclaims any obligation to revise or update publicly any forward-looking statement to reflect
future events or circumstances.
WHERE YOU CAN FIND MORE INFORMATION
We file annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. You may inspect
without charge any documents filed by us at the SEC’s Public Reference Room at 100 F Street, N.E., Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
also maintains an Internet site, www.sec.gov, that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including Aircastle Limited. Our common shares are listed
and traded on the NYSE. You may also inspect the information we file with the SEC at the NYSE’s offices at 20 Broad Street, New York, New York 10005. Information about us, including our SEC filings, is also available at our internet site at
http://www.aircastle.com. However, the information on our internet site is not part of this prospectus or any prospectus supplement.
22
The SEC allows us to “incorporate by reference” information into this prospectus and
any accompanying prospectus supplement, which means that we can disclose important information to you by referring you to other documents filed separately with the SEC. The information incorporated by reference is considered part of this prospectus,
and information filed with the SEC subsequent to this prospectus and prior to the termination of the particular offering referred to in such prospectus supplement will automatically be deemed to update and supersede this information. We incorporate
by reference into this prospectus and any accompanying prospectus supplement the documents listed below (excluding any portions of such documents that have been “furnished” but not “filed” for purposes of the Exchange Act):
| |
• |
|
Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed on February 19, 2015; |
| |
• |
|
Quarterly Report on Form 10-Q for the quarter ended March 31, 2015, filed on May 6, 2015; |
| |
• |
|
Current Reports on Form 8-K, filed with the SEC on January 15, 2015 and January 26, 2015; |
| |
• |
|
Definitive Proxy Statement on Schedule 14A, as filed with the SEC on April 10, 2015; and |
| |
• |
|
The description of our common shares set forth in our registration statement on Form 8-A filed on July 25, 2006, and any amendment or report filed for the purpose of updating such description. |
We also incorporate by reference any future filings made by us with the SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act
between the date of this prospectus and the date all of the securities offered hereby are sold or the offering is otherwise terminated, with the exception of any information furnished under Item 2.02 and Item 7.01 of Form 8-K (including
related exhibits), which is not deemed filed and which is not incorporated by reference herein. Any such filings shall be deemed to be incorporated by reference and to be a part of this prospectus from the respective dates of filing of those
documents.
We will provide without charge upon written or oral request to each person, including any beneficial owner, to whom a
prospectus is delivered, a copy of any and all of the documents which are incorporated by reference into this prospectus but not delivered with this prospectus (other than exhibits unless such exhibits are specifically incorporated by reference in
such documents).
You may request a copy of these documents by writing or telephoning us at:
Aircastle Limited
c/o Aircastle
Advisor LLC
300 First Stamford Place, 5th Floor
Stamford, CT 06902
(203) 504-1020
23
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
| Item 14. |
Other Expenses of Issuance and Distribution. |
The expenses relating to the registration
of the securities will be borne by the registrant. Such expenses (except the SEC Registration Fee) are estimated to be as follows:
|
|
|
|
|
| |
|
Amount to be paid |
|
| SEC Registration Fee |
|
$ |
|
* |
| Accounting Fees and Expenses |
|
$ |
|
** |
| Legal Fees and Expenses |
|
$ |
|
** |
| Printing Expenses |
|
$ |
|
** |
| Transfer Agent, Registrar and Trustee Fees |
|
$ |
|
** |
| Miscellaneous Expenses |
|
$ |
|
** |
|
|
|
|
|
| Total |
|
$ |
|
** |
|
|
|
|
|
| * |
Deferred in accordance with Rule 456(b) and Rule 457(r) of the Securities Act. |
| ** |
An estimate of the aggregate amount of these expenses will be reflected on the applicable prospectus supplement. |
| Item 15. |
Indemnification of Directors and Officers. |
Our bye-laws contain a
broad waiver by our shareholders of any claim or right of action, both individually and on our behalf, against any of our officers or directors. The waiver applies to any action taken by an officer or director, or the failure of an officer or
director to take any action, in the performance of his or her duties, except with respect to any matter involving any fraud or dishonesty on the part of the officer or director. The waiver limits the right of shareholders to assert claims against
our officers and directors unless the act or failure to act involves fraud or dishonesty. Our bye-laws also indemnify our directors and officers in respect of their actions and omissions, except in respect of their fraud or dishonesty. The
indemnification provided in the bye-laws is not exclusive of other indemnification rights to which a director or officer may be entitled, provided these rights do not extend to his or her fraud or dishonesty.
Section 98 of the Companies Act 1981 of Bermuda, or the Companies Act, provides generally that a Bermuda company may indemnify its
directors and officers against any liability which by virtue of any rule of law otherwise would be imposed on them in respect of any negligence, default, breach of duty or breach of trust, except in cases where such liability arises from fraud or
dishonesty of which such director or officer may be guilty in relation to the company. Section 98 provides that a Bermuda company may indemnify its directors and officers against any liability incurred by them in defending any proceedings,
whether civil or criminal, in which judgment is awarded in their favor or in which they are acquitted or granted relief by the Supreme Court of Bermuda pursuant to Section 281 of the Companies Act. Section 98 of the Companies Act further
provides that a company may advance moneys to an officer for the costs, charges and expenses incurred by the officer in defending any civil or criminal proceedings against them, on condition that the officer shall repay the advance if any allegation
of fraud or dishonesty is proved against them. The registrant maintains standard policies of insurance under which coverage is provided (a) to its directors and officers against loss rising from claims made by reason of breach of duty or other
wrongful act, and (b) to the registrant with respect to payments which may be made by the registrant to such officers and directors pursuant to the above indemnification provision or otherwise as a matter of law.
We have entered into separate indemnification agreements with our directors and officers. Each indemnification agreement provides, among other
things, for indemnification to the fullest extent permitted by law and our bye-laws against any and all expenses, judgments, fines, penalties and amounts paid in settlement of any claim. The indemnification agreements provide for the advancement or
payment of all expenses to the indemnitee and for reimbursement to us if it is found that such indemnitee is not entitled to such indemnification under applicable law and our bye-laws.
For the undertaking with respect to indemnification, see Item 17 herein.
II-1
The Exhibits to this registration statement are listed
in the Index to Exhibits on page II-6 and are incorporated by reference herein.
The undersigned registrant hereby undertakes:
|
|
|
| (A)(1) |
|
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement: |
| |
(i) |
To include any prospectus required by section 10(a)(3) of the Securities Act of 1933; |
| |
(ii) |
To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a
fundamental change in the information set forth in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was
registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the effective registration statement; and |
| |
(iii) |
To include any material information with respect to the plan of distribution not previously disclosed in the registration statement or any material change to such information in the registration statement;
|
Provided, however, that paragraphs (A)(1)(i), (A)(1)(ii) and (A)(1)(iii) above do not apply if the information required to be
included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference
in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
|
|
|
| (2) |
|
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. |
|
|
| (3) |
|
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the
offering. |
|
|
| (4) |
|
That, for the purpose of determining liability under the Securities Act to any purchaser: |
| |
(i) |
Each prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of the date the filed prospectus was deemed part of and included in the registration
statement; and |
| |
(ii) |
Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration
statement as of the earlier of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes
of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement to which that prospectus relates, and the
offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. Provided, |
II-2
| |
however, that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated by reference into
the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration statement
or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date. |
|
|
|
| (5) |
|
That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the securities,
the undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities to the purchaser, if the
securities are offered or sold to such purchaser by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser: |
| |
(i) |
Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424; |
| |
(ii) |
Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the undersigned registrant; |
| |
(iii) |
The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and
|
| |
(iv) |
Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser. |
|
|
|
| (B) |
|
The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s
annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by
reference in the registration statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. |
|
|
| (C) |
|
Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the
registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue. |
|
|
| (D) |
|
The undersigned registrant hereby undertakes to file an application for the purpose of determining the eligibility of the trustee to act under subsection
(a) of Section 310 of the Trust Indenture Act in accordance with the rules and regulations prescribed by the Commission under Section 305(b)(2) of the Trust Indenture Act. |
II-3
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets
all the requirements for filing on Form S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Stamford, State of Connecticut, on the 6th day of May, 2015.
|
|
|
| AIRCASTLE LIMITED |
|
|
| By: |
|
/s/ Ron Wainshal |
| Name: |
|
Ron Wainshal |
| Title: |
|
Chief Executive Officer |
Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed
by the following persons in the capacities and on the dates indicated.
SIGNATURES AND POWER OF ATTORNEY
In accordance with the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following
persons in the capacities and on the dates stated. Each person whose signature appears below constitutes and appoints Ron Wainshal, Michael Inglese and Christopher Beers, and each of them severally, as his true and lawful attorney-in-fact and agent,
each acting along with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any or all amendments (including post-effective amendments) and exhibits to the Registration Statement
on Form S-3, and to any registration statement filed under Rule 462, and to file the same, with all exhibits thereto, and all documents in connection therewith, with the SEC, granting unto said attorney-in-fact and agent, full power and
authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said
attorney-in-fact and agent, or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to
the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
|
|
|
|
|
| Name |
|
Title |
|
Date |
|
|
|
| /s/ Ron Wainshal |
|
Chief Executive Officer, Director |
|
May 6, 2015 |
| Ron Wainshal |
|
|
|
|
|
|
|
| /s/ Michael Inglese |
|
Chief Financial Officer |
|
May 6, 2015 |
| Michael Inglese |
|
|
|
|
|
|
|
| /s/ Aaron Dahlke |
|
Chief Accounting Officer |
|
May 6, 2015 |
| Aaron Dahlke |
|
|
|
|
|
|
|
| /s/ Peter V. Ueberroth |
|
Chairman of the Board of Directors |
|
May 6, 2015 |
| Peter V. Ueberroth |
|
|
|
|
|
|
|
| /s/ Ronald W. Allen |
|
Director |
|
May 6, 2015 |
| Ronald W. Allen |
|
|
|
|
|
|
|
| /s/ Giovanni Bisignani |
|
Director |
|
May 6, 2015 |
| Giovanni Bisignani |
|
|
|
|
|
|
|
| /s/ Michael J. Cave |
|
Director |
|
May 6, 2015 |
| Michael J. Cave |
|
|
|
|
|
|
|
| /s/ Douglas A. Hacker |
|
Director |
|
May 6, 2015 |
| Douglas A. Hacker |
|
|
|
|
II-4
|
|
|
|
|
| Name |
|
Title |
|
Date |
|
|
|
| /s/ Masumi Kakinoki |
|
Director |
|
May 6, 2015 |
| Masumi Kakinoki |
|
|
|
|
|
|
|
| /s/ Ryusuke Konto |
|
Director |
|
May 6, 2015 |
| Ryusuke Konto |
|
|
|
|
|
|
|
| /s/ Ronald L. Merriman |
|
Director |
|
May 6, 2015 |
| Ronald L. Merriman |
|
|
|
|
|
|
|
| /s/ Agnes Mura |
|
Director |
|
May 6, 2015 |
| Agnes Mura |
|
|
|
|
|
|
|
| /s/ Charles W. Pollard |
|
Director |
|
May 6, 2015 |
| Charles W. Pollard |
|
|
|
|
|
|
|
| /s/ Gentaro Toya |
|
Director |
|
May 6, 2015 |
| Gentaro Toya |
|
|
|
|
II-5
EXHIBIT INDEX
|
|
|
| Exhibit
No. |
|
Description |
|
|
| 1.1 |
|
Form of Underwriting Agreement for common shares* |
|
|
| 3.1 |
|
Memorandum of Association (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1 (Amendment No. 2) (No. 333-134669) filed on July 25, 2006) |
|
|
| 3.2 |
|
Amended Bye-laws (incorporated by reference to Exhibit 3.2 to the Company’s Registration Statement on Form S-3 (No. 333-182242) filed on June 20, 2012) |
|
|
| 4.1 |
|
Specimen Share Certificate (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-1 (Amendment No. 2) (No. 333-134669) filed on July 25,
2006) |
|
|
| 4.2 |
|
Specimen Preference Share Certificate and Form of Certificate of Designation, Preferences and Rights with respect to any series of Preference Shares issued hereunder* |
|
|
| 4.3 |
|
Form of Deposit Agreement* |
|
|
| 4.4 |
|
Form of Depositary Receipt* |
|
|
| 4.5 |
|
Indenture (including form of Debt Security), dated as of December 5, 2013, between Aircastle Limited and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s current
report on Form 8-K filed with the SEC on December 5, 2013) |
|
|
| 4.6 |
|
First Supplemental Indenture, dated as of December 5, 2013, by and among Aircastle Limited and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.2 to the Company’s current report on
Form 8-K filed with the SEC on December 5, 2013) |
|
|
| 4.7 |
|
Second Supplemental Indenture, dated as of March 26, 2014 by and among Aircastle Limited and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s current report on
Form 8-K filed with the SEC on March 26, 2014) |
|
|
| 4.8 |
|
Third Supplemental Indenture, dated as of January 15, 2015 by and among Aircastle Limited and Wells Fargo Bank, National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company’s current report on
Form 8-K filed with the SEC on March 26, 2014) |
|
|
| 4.9 |
|
Form of Warrant Agreement (including form of Warrant Certificate)* |
|
|
| 4.10 |
|
Form of Subscription Rights Agreement (including form of Subscription Rights Certificate)* |
|
|
| 4.11 |
|
Form of Share Purchase Contract (including form of Share Purchase Contract Certificate)* |
|
|
| 4.12 |
|
Form of Share Purchase Unit Agreement (including form of Share Purchase Unit Certificate)* |
|
|
| 4.13 |
|
Shareholder Agreement, dated as of June 6, 2013, by and between Aircastle Limited and Marubeni Corporation (incorporated by reference to Exhibit 4.1 to the company’s current report on Form 8-K filed with the SEC on June 6,
2013). |
|
|
| 4.14 |
|
Registration Rights Letter Agreement dated August 10, 2012, between Aircastle Limited and Ontario Teachers’ Pension Plan Board (incorporated by reference to Exhibit 1.3 of the Company’s current report on Form 8-K filed
with the SEC on August 13, 2012). |
|
|
| 5.1 |
|
Opinion of Conyers Dill & Pearman Limited** |
|
|
| 5.2 |
|
Opinion of Skadden, Arps, Slate, Meagher & Flom LLP** |
|
|
| 12.1 |
|
Statement re Computation of Ratio of Earnings to Fixed Charges** |
II-6
|
|
|
|
|
| 23.1 |
|
Consent of Ernst & Young LLP** |
|
|
| 23.2 |
|
Consent of Conyers Dill & Pearman Limited (included in Exhibit 5.1)** |
|
|
| 23.3 |
|
Consent of Skadden, Arps, Slate, Meagher & Flom LLP (included in Exhibit 5.2)** |
|
|
| 24.1 |
|
Power of Attorney (included as part of the signature pages)** |
|
|
| 25.1 |
|
Statement of Eligibility of Trustee on Form T-1** |
| * |
To be filed as an exhibit to a Current Report on Form 8-K and incorporated by reference herein. |
II-7
Exhibit 5.1
6 May 2015
|
|
|
|
|
| Aircastle Limited
Clarendon House
2 Church Street
Hamilton, HM 11
Bermuda |
|
|
Matter No.: 351197
Doc Ref: Legal – 9667988
441 299-4993
jason.piney@conyersdill.com |
|
Dear Sirs
Aircastle Limited
(the “Company”)
We have acted as special legal counsel in Bermuda to the Company in connection with a registration statement on Form S-3 to
be filed with the U.S. Securities and Exchange Commission (the “Commission”) on the date hereof, (the “Registration Statement”, which term does not include any other document or agreement whether or not specifically referred to
therein or attached as an exhibit or schedule thereto) relating to the shelf registration under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) of common shares of the Company, par value US$0.01 each (“Common
Shares”), preference shares of the Company, par value US$0.01 each (“Preference Shares” and, together with the Common Shares, “Equity Securities”, which term includes any common shares or preference shares to be issued
pursuant to the conversion, redemption, repurchase, exchange or exercise of any other securities), depositary shares of the Company representing Preference Shares (“Depositary Shares”), debt securities of the Company (“Debt
Securities”), warrants to purchase Common Shares, Preference Shares or Debt Securities (“Warrants”), rights to purchase Common Shares, Preference Shares, Debt Securities or other securities (“Subscription Rights”), share
purchase contracts to purchase common shares, preference shares or debt securities issued by the Company or by third parties (“Purchase Contracts”), units consisting of any combination of the foregoing securities (“Purchase
Units”) of the Company or third parties (collectively, the “Securities”).
For the purposes of giving this opinion, we have examined a copy
of the Registration Statement. We have also reviewed the memorandum of association and the bye-laws of the Company (together, the “Constitutional Documents”), each certified by the Assistant Secretary of the Company on 6 May 2015, an
extract of minutes of a meeting of the directors of the Company (the “Board”) held on 4 May 2015, certified by the Secretary of the Company on 4 May 2015 (the “Resolutions”) and such other documents and made such enquiries
as to questions of law as we have deemed necessary in order to render the opinion set forth below.
We have assumed (a) the genuineness and authenticity of all signatures and the conformity to the originals
of all copies (whether or not certified) examined by us and the authenticity and completeness of the originals from which such copies were taken, (b) that where a document has been examined by us in draft form, it will be or has been executed
and/or filed in the form of that draft, and where a number of drafts of a document have been examined by us all changes thereto have been marked or otherwise drawn to our attention, (c) the accuracy and completeness of all factual
representations made in the Registration Statement and other documents reviewed by us, (d) that the resolutions contained in the Resolutions were passed at one or more duly convened, constituted and quorate meetings, or by unanimous written
resolutions, remain in full force and effect and have not been, and will not be, rescinded or amended, (e) that the Company will issue the Securities in furtherance of its objects as set out in its memorandum of association, (f) that the
Constitutional Documents will not be amended in any manner that would affect the opinions expressed herein, (g) that there is no provision of the law of any jurisdiction, other than Bermuda, which would have any implication in relation to the
opinions expressed herein, (h) that the Company will have sufficient authorised capital to effect the issue of any of the Equity Securities at the time of issuance, whether as a principal issue or on the conversion, redemption, repurchase,
exchange or exercise of any Securities, (i) that the Company’s shares will be listed on an appointed stock exchange, as defined in the Companies Act 1981, as amended (the “Companies Act”), and the consent to the issue and free
transfer of the Securities given by the Bermuda Monetary Authority as of 20 June 2006 will not have been revoked or amended at the time of issuance of any Securities, (j) that the form and terms of any and all Securities (including,
without limitation, the designation, powers, preferences, rights, qualifications, limitations and restrictions of Preference Shares) or other securities (or other obligations, rights, currencies, commodities or other subject matter) comprising the
same or subject thereto (in the case of the Warrants, Subscription Rights, Purchase Contracts and Purchase Units), the issuance and sale thereof by the Company, and the Company’s incurrence and performance of its obligations thereunder or in
respect thereof (including, without limitation, its obligations under any related agreement, indenture or supplement thereto) in accordance with the terms thereof will not violate the Constitutional Documents nor any applicable law, regulation,
order or decree in Bermuda, (k) that all necessary corporate action will be taken to authorise and approve any issuance of Securities (including, if Preference Shares are to be issued, all necessary corporate action to establish one or more
series of Preference Shares and fix the designation, powers, preferences, rights, qualifications, limitations and restrictions thereof), the terms of the offering thereof and related matters, and that the applicable definitive purchase, underwriting
or similar agreement and, if Debt Securities are to be issued, the applicable indenture and any applicable supplements thereto, will be duly approved, executed and delivered by or on behalf of the Company and all other parties thereto, (l) that
the applicable purchase, underwriting or similar agreement, any Debt Security, any indenture and any supplement thereto and any other agreement or other document relating to any Security will be valid and binding in accordance with its terms
pursuant to its governing law, (m) that the issuance and sale of and payment for the Securities will be in accordance with the applicable purchase, underwriting or similar agreement duly approved by the Board, the Registration Statement
(including the prospectus set forth therein and any applicable supplement thereto) and, if Debt Securities are to be issued, the applicable indenture and any applicable supplements thereto, (n) that, upon the issue of any Equity Securities, the
Company will
receive consideration for the full issue price thereof which shall be equal to at least the par value thereof, (o) that the Company will comply, to the extent applicable to the issue of any
Securities by the Company, with the requirements of Part III of the Companies Act entitled “Prospectuses and Public Offers”, (p) the capacity, power and authority of all parties other than the Company to enter into and perform their
obligations under any and all documents entered into by such parties in connection with the issuance of the Securities and the due execution and delivery thereof by each party thereto, (q) that none of the parties to any documents to be entered
into by such parties in connection with the issuance of the Securities carries on business from premises in Bermuda, at which it employs staff and pays salaries and other expenses, (r) that the Board or a duly constituted committee of the Board
will have passed resolutions approving the issuance of the Securities at one or more duly convened, constituted and quorate meetings, or by unanimous written resolutions.
The obligations of the Company in connection with any Security and any indenture or other agreement or document relating thereto (a) will be subject to
the laws from time to time in effect relating to bankruptcy, insolvency, liquidation, possessory liens, rights of set off, reorganisation, amalgamation, merger, moratorium or any other laws or legal procedures, whether of a similar nature or
otherwise, generally affecting the rights of creditors as well as applicable international sanctions, (b) will be subject to statutory limitation of the time within which proceedings may be brought, (c) will be subject to general
principles of equity and, as such, specific performance and injunctive relief, being equitable remedies, may not be available, (d) may not be given effect to by a Bermuda court if and to the extent they constitute the payment of an amount which
is in the nature of a penalty and not in the nature of liquidated damages, and (e) may not be given effect by a Bermuda court to the extent that they are to be performed in a jurisdiction outside Bermuda and such performance would be illegal
under the laws of that jurisdiction. Notwithstanding any contractual submission to the jurisdiction of specific courts, a Bermuda court has inherent discretion to stay or allow proceedings in the Bermuda courts.
We have made no investigation of and express no opinion in relation to the laws of any jurisdiction other than Bermuda. This opinion is to be governed by and
construed in accordance with the laws of Bermuda and is limited to and is given on the basis of the current law and practice in Bermuda. This opinion is issued solely for the purposes of the filing of the Registration Statement and the issuance of
the Securities by the Company and is not to be relied upon in respect of any other matter.
On the basis of and subject to the foregoing we are of the
opinion that:
| 1. |
The Company is duly incorporated and existing under the laws of Bermuda in good standing (meaning solely that it has not failed to make any filing with any Bermuda governmental authority or to pay any Bermuda government
fee or tax which would make it liable to be struck off the Register of Companies and thereby cease to exist under the laws of Bermuda). |
| 2. |
Upon the due issuance of Common Shares and/or Preference Shares and payment of the consideration therefor, such Common Shares and/or Preference Shares will be validly issued, fully paid and non-assessable (which term
means when used herein that no further sums are required to be paid by the holders thereof in connection with the issue of such shares). |
| 3. |
Upon the due issuance of: (a) Debt Securities of any series; (b) Depositary Shares; (c) Warrants; (d) Subscription Rights, (e) Purchase Contracts; and/or (f) Purchase Units, and payment of
the consideration therefor, such Securities will be validly issued and (except in the case of any Equity Securities forming part of a Purchase Unit) will constitute valid and binding obligations of the Company in accordance with the terms thereof.
|
We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the references to our firm under the
caption “Legal Matters” in the prospectus forming a part of the Registration Statement. In giving such consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities
Act or the Rules and Regulations of the Commission promulgated thereunder.
Yours faithfully
/s/ Conyers Dill & Pearman Limited
Conyers
Dill & Pearman Limited
Exhibit 5.2
[Skadden Letterhead]
May 6, 2015
Aircastle
Limited
c/o Aircastle Advisor LLC
300 First Stamford Place,
5th Floor
Stamford, Connecticut 06902
| |
Re: |
Aircastle Limited Registration Statement on Form S-3 |
Ladies and Gentlemen:
We have acted as special U.S. counsel to Aircastle Limited, a Bermuda exempted company (the “Company”), in connection with
the registration statement on Form S-3 (the “Registration Statement”), to be filed on the date hereof by the Company with the U.S. Securities and Exchange Commission (the “Commission”) under the Securities Act of
1933, as amended (the “Securities Act”). The Registration Statement relates to the issuance and sale by the Company from time to time, pursuant to Rule 415 of the General Rules and Regulations of the Commission promulgated under the
Securities Act (the “Rules and Regulations”), of securities of the Company consisting of: (i) common shares, par value $0.01 per share, of the Company (the “Common Shares”), (ii) preference shares, par value
$0.01 per share, of the Company, which may be issued in one or more series (the “Preference Shares”), (iii) Preference Shares represented by depositary shares (“Depositary Shares”) evidenced by depositary
receipts (“Receipts”), which may be issued pursuant to one or more deposit agreements to be entered into between the Company and a depositary (the “Depositary”) to be named (each, a “Deposit
Agreement”), (iv) debt securities of the Company (collectively, “Debt Securities”) which may be issued in one or more series under the indenture, dated as of December 5, 2013, as
Aircastle Limited
May 6, 2015
Page
2
supplemented by a first supplemental indenture, dated as of December 5, 2013 (the “First Indenture Supplement”), and by a second supplemental indenture (the “Second
Indenture Supplement”), dated as of March 26, 2014, and by a third supplemental indenture (the “Third Indenture Supplement”), dated as of January 15, 2015, between Aircastle Limited and Wells Fargo Bank, National
Association, as trustee (the “Trustee”), which is filed as an exhibit to the Registration Statement (collectively, the “Indenture”), (v) warrants to purchase Common Shares, Preference Shares or Debt Securities
(the “Warrants”), as shall be designated by the Company at the time of the offering, issued pursuant to one or more warrant agreements (each, a “Warrant Agreement”) proposed to be entered into by the Company and one
or more warrant agents to be named therein (each, a “Warrant Agent”), (vi) subscription rights to purchase Common Shares, Preference Shares or Debt Securities (“Subscription Rights”), which may be issued under
one or more subscription rights certificates (each, a “Subscription Rights Certificate”) and/or pursuant to one or more subscription rights agreements (each, a “Subscription Rights Agreement”) proposed to be entered
into by the Company and one or more subscription agents to be named therein (each, a “Subscription Agent”), (vii) purchase contracts (“Purchase Contracts”) obligating the holders thereof to purchase from the
Company, and the Company to sell to such holders, shares of Common Stock, shares of Preferred Stock or Debt Securities at a future date or dates, which may be issued pursuant to one or more purchase contract agreements (each, a “Purchase
Contract Agreement”) proposed to be entered into by the Company and one or more purchase contract agents to be named therein (each, a “Purchase Contract Agent”), (viii) purchase units of the Company (“Purchase
Units”), each consisting of a Purchase Contract and Debt Securities, debt obligations of third parties or any other securities or a combination thereof, which may be issued pursuant to one or more agreements (each, a “Purchase Unit
Agreement”) proposed to be entered into by the Company and one or more purchase unit agents to be named therein (each, a “Purchase Unit Agent”), (ix) and such indeterminate number of shares of Common Shares, Preference
Shares and amount of Debt Securities, as may be issued upon conversion, exchange or exercise, as applicable, of any Preference Shares, Debt Securities, Warrants or Subscription Rights or settlement of any Purchase Contracts or Purchase Units,
including such shares of Common Shares or Preference Shares as may be issued pursuant to anti-dilution adjustments, determined at the time of offering (collectively, “Indeterminate Securities”). The Common Shares, Preference Shares,
Depositary Shares, Debt Securities, Warrants, Subscription Rights, Purchase Contracts, Purchase Units and Indeterminate Securities offered pursuant to the Registration Statement are collectively referred to herein as the “Securities.”
This opinion is being furnished in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.
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May 6, 2015
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In rendering the opinions stated herein, we have examined and relied upon the following:
| |
(a) |
the Registration Statement; and |
| |
(b) |
an executed copy of the Indenture. |
We have also examined originals or copies, certified or
otherwise identified to our satisfaction, of such records of the Company and such agreements, certificates and receipts of public officials, certificates of officers or other representatives of the Company and others, and such other documents as we
have deemed necessary or appropriate as a basis for the opinions stated below.
In our examination, we have assumed the genuineness of all
signatures, including endorsements, the legal capacity and competency of all natural persons, the authenticity of all documents submitted to us as originals, the conformity to original documents of all documents submitted to us as facsimile,
electronic, certified or photostatic copies, and the authenticity of the originals of such copies. As to any facts relevant to the opinions stated herein that we did not independently establish or verify, we have relied upon statements and
representations of officers and other representatives of the Company and others and of public officials.
We do not express any opinion
with respect to the laws of any jurisdiction other than the laws of the State of New York and to the extent that judicial or regulatory orders or decrees or consents, approvals, licenses, authorizations, validations, filings, recordings or
registrations with governmental authorities are relevant, to those required under such laws (all of the foregoing being referred to as “Opined on Law”). We do not express any opinion as to the effect of any non-Opined on Law on the
opinions stated herein. The Securities may be issued from time to time on a delayed or continuous basis, and this opinion is limited to the laws, including the rules and regulations, as in effect on the date hereof, which laws are subject to change
with possible retroactive effect.
As used herein, “Transaction Agreements” means the Indenture, the Warrant Agreements, the
Deposit Agreements, the Subscription Rights Agreements, the Purchase Contract Agreements and the Purchase Unit Agreements.
Based upon the
foregoing and subject to the qualifications and assumptions stated herein, we are of the opinion that:
| |
1. |
With respect to any series of Debt Securities offered by the Company, including any Indeterminate Securities constituting Debt Securities of
|
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such series, (the “Offered Debt Securities”), when (i) the Registration Statement, as finally amended, has become effective under the Securities Act; (ii) an
appropriate prospectus supplement or term sheet with respect to the Offered Debt Securities has been prepared, delivered and filed in compliance with the Securities Act and the applicable Rules and Regulations; (iii) if the Offered Debt
Securities are to be sold or otherwise distributed pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Offered Debt Securities has been duly authorized, executed and delivered by the Company and the
other parties thereto; (iv) any officer’s certificate or supplemental indenture under the Indenture establishing the terms of the Offered Debt Securities has been duly authorized, executed and delivered by the Company and any other parties
thereto; (v) the Board of Directors of the Company, including any appropriate committee appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance, sale and terms of the Offered
Debt Securities and related matters in conformity with the Indenture and any such officer’s certificate or supplemental indenture; (vi) the terms of the Offered Debt Securities and of their issuance and sale have been duly established in
conformity with the Indenture and any officer’s certificate or supplemental indenture establishing the terms of such Offered Debt Securities so as not to violate any applicable law, the memorandum of association or the bye-laws of the Company
or result in a default under or breach of any agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; and
(viii) the certificates evidencing the Offered Debt Securities have been issued in a form that complies with the provisions of the Indenture and any officer’s certificate or supplemental indenture establishing the terms of such Offered
Debt Securities and have been duly executed and authenticated in accordance with the provisions of the Indenture and any such officer’s certificate or supplemental indenture and duly delivered to the purchasers thereof upon payment of the
agreed-upon consideration therefor, the Offered Debt Securities, when issued and sold or otherwise distributed in accordance with the Indenture and such officer’s certificate or supplemental indenture and the applicable underwriting agreement,
if any, or any other duly authorized, executed and delivered valid and binding agreement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the
State of New York. |
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2. |
With respect to any Warrants offered by the Company (the “Offered Warrants”), when (i) the Registration Statement, as finally amended, has become effective under the Securities Act; (ii) an
appropriate prospectus supplement or term sheet with respect to the Offered Warrants has been prepared, delivered and filed in compliance with the Securities Act and the applicable Rules and Regulations; (iii) if the Offered Warrants are to be
sold or otherwise distributed pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Offered Warrants has been duly authorized, executed and delivered by the Company and the other parties thereto;
(iv) a Warrant Agreement relating to the Offered Warrants has been duly authorized, executed and delivered by the Company and the other parties thereto; (v) the Board of Directors, including any appropriate committee appointed thereby, and
appropriate officers of the Company have taken all necessary corporate action to approve the issuance and terms of the Offered Warrants, the Warrant Agreement and related matters; (vi) the terms of the Offered Warrants and of their issuance and
sale have been duly established in conformity with the applicable Warrant Agreement so as not to violate any applicable law, the memorandum of association or the bye-laws of the Company or result in a default under or breach of any agreement or
instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; (vii) the Common Shares, Preference Shares and Debt Securities for
which the Offered Warrants are exercisable have been duly authorized for issuance by the Company; and (viii) the Offered Warrants have been duly executed, delivered and countersigned in accordance with the provisions of the applicable Warrant
Agreement and duly delivered to purchasers thereof upon payment of the agreed-upon consideration therefor, the Offered Warrants, when issued and sold or otherwise distributed in accordance with the provisions of the applicable Warrant Agreement and
the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their
respective terms under the laws of the State of New York. |
| |
3. |
With respect to Depositary Shares offered by the Company (the “Offered Depositary Shares”), when (i) the Registration Statement,
as finally amended, has become effective under the Securities Act; (ii) an appropriate prospectus supplement or term sheet with respect to the Offered Depositary Shares have been prepared, delivered and filed in
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compliance with the Securities Act and the applicable Rules and Regulations; (iii) if the Offered Depositary Shares are to be sold or otherwise distributed pursuant to a firm commitment
underwritten offering, the underwriting agreement with respect to the Offered Depositary Shares have been duly authorized, executed and delivered by the Company and the other parties thereto; (iv) a Deposit Agreement relating to the Offered
Depositary Shares has been duly authorized, executed and delivered by the Company and the other parties thereto; (v) the Board of Directors, including any appropriate committee appointed thereby, and appropriate officers of the Company have
taken all necessary corporate action to approve the issuance and terms of the Offered Depositary Shares and the related series of Preference Shares, the applicable Deposit Agreement and related matters; (vi) the terms of the Offered Depositary
Shares and of their issuance and sale have been duly established in conformity with the applicable Deposit Agreement so as not to violate any applicable law, the memorandum of association or the bye-laws of the Company or result in a default under
or breach of any agreement or instrument binding upon the Company and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company; (vi) the Preference Shares relating to
such Offered Depositary Shares has been duly authorized for issuance; and (vii) the Offered Depositary Shares have been duly executed, delivered and countersigned in accordance with the provisions of the applicable Deposit Agreement and the
Offered Depositary Shares have been delivered to the Depositary for deposit in accordance with provisions of the applicable Deposit Agreement; and (viii) the Receipts evidencing the Depositary Shares have been duly issued against deposit of the
related shares of Preference Shares with the Depositary in accordance with the applicable Deposit Agreement and the applicable underwriting agreement if any, or any other duly authorized, executed and delivered valid and binding agreement, and duly
delivered to purchasers thereof upon payment of the agreed-upon consideration therefor, such Deposit Agreement will constitute a legally valid and binding obligation of the Company, enforceable against the Company in accordance with its terms under
the laws of the State of New York. |
| |
4. |
With respect to any Subscription Rights offered by the Company (the “Offered Subscription Rights”), when (i) the Registration
Statement, as finally amended, has become effective under the Securities Act; (ii) an appropriate prospectus supplement or term sheet with respect to the Offered Subscription Rights has been prepared, delivered and filed in compliance with the
Securities Act and the applicable Rules and |
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Regulations; (iii) if the Offered Subscription Rights are to be sold or otherwise distributed pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to
the Offered Subscription Rights has been duly authorized, executed and delivered by the Company and the other parties thereto; (iv) a Subscription Rights Agreement relating to the Offered Subscription Rights has been duly authorized, executed
and delivered by the Company and the other parties thereto; (v) the Board of Directors of the Company, including any appropriate committee appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to
approve the issuance, sale and terms of the Offered Subscription Rights and related matters; (vi) the terms of the Offered Subscription Rights and of their issuance and sale have been duly established in conformity with the applicable
Subscription Rights Agreement and Subscription Rights Certificate so as not to violate any applicable law, the memorandum of association or the bye-laws of the Company or result in a default under or breach of any agreement or instrument binding
upon the Company, and so as to comply with any requirement or restriction imposed by any court or governmental body having jurisdiction over the Company and the applicable Subscription Agent; (vii) the Common Shares, Preference Shares and Debt
Securities relating to such Offered Subscription Rights have been duly authorized for issuance by the Company; and (viii) the Subscription Rights Certificates have been duly executed, delivered and countersigned in accordance with the
provisions of the applicable Subscription Rights Agreement, the Offered Subscription Rights, when issued and sold or otherwise distributed in accordance with the provisions of the applicable Subscription Rights Agreement and Subscription Rights
Certificate and the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, and duly delivered to purchasers thereof upon payment of the agreed-upon consideration therefor, will
constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York. |
| |
5. |
With respect to any Purchase Contracts offered by the Company (the “Offered Purchase Contracts”), when (i) the Registration
Statement, as finally amended, has become effective under the Securities Act; (ii) an appropriate prospectus supplement or term sheet with respect to the Offered Purchase Contracts has been prepared, delivered and filed in compliance with the
Securities Act and the applicable Rules and Regulations; (iii) if the Offered Purchase Contracts are to be sold or |
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otherwise distributed pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Offered Purchase Contracts has been duly authorized, executed and
delivered by the Company and the other parties thereto; (iv) a Purchase Contract Agreement relating to the Offered Purchase Contracts has been duly authorized, executed and delivered by the Company and the other parties thereto; (v) the
Board of Directors of the Company, including any appropriate committee appointed thereby, and appropriate officers of the Company have taken all necessary corporate action to approve the issuance, sale and terms of the Offered Purchase Contracts and
related matters; (vi) the terms of the Offered Purchase Contracts and of their issuance and sale have been duly established in conformity with the applicable Purchase Contract Agreement so as not to violate any applicable law, the memorandum of
association or the bye-laws of the Company or result in a default under or breach of any agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction imposed by any court or governmental body having
jurisdiction over the Company and the applicable Purchase Contract Agent; (vii) the Common Shares, Preference Shares and Debt Securities relating to such Offered Purchase Contracts have been duly authorized for issuance by the Company; and
(viii) the Offered Purchase Contracts have been duly executed, delivered and countersigned in accordance with the provisions of the applicable Purchase Contract Agreement, the Offered Purchase Contracts, when issued and sold or otherwise
distributed in accordance with the provisions of the applicable Purchase Contract Agreement and the applicable underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, and duly delivered to
purchasers thereof upon payment of the agreed-upon consideration therefor, will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of
New York. |
| |
6. |
With respect to any Purchase Units offered by the Company (the “Offered Purchase Units”), when (i) the Registration Statement,
as finally amended, has become effective under the Securities Act; (ii) an appropriate prospectus supplement or term sheet with respect to the Offered Purchase Units has been prepared, delivered and filed in compliance with the Securities Act
and the applicable Rules and Regulations; (iii) if the Offered Purchase Units are to be sold or otherwise distributed pursuant to a firm commitment underwritten offering, the underwriting agreement with respect to the Offered Purchase Units has
|
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been duly authorized, executed and delivered by the Company and the other parties thereto; (iv) the Board of Directors of the Company, including any appropriate committee appointed thereby,
and appropriate officers of the Company have taken all necessary corporate action to approve the issuance, sale and terms of the Offered Purchase Units and related matters; (vi) the terms of the Offered Purchase Units and the related Purchase
Contract and Debt Securities or debt obligations of third parties, including U.S. treasury securities, or other securities and of their issuance and sale have been duly established in conformity with the applicable Purchase Unit Agreement so as not
to violate any applicable law, the memorandum of association or the bye-laws of the Company or result in a default under or breach of any agreement or instrument binding upon the Company, and so as to comply with any requirement or restriction
imposed by any court or governmental body having jurisdiction over the Company and the applicable Purchase Unit Agent; (vii) the Purchase Contract and Debt Securities or debt obligations of third parties, including U.S. treasury securities, or
other securities included in such Offered Purchase Units have been duly authorized for issuance by the Company or by third parties, as applicable; and (viii) the Offered Purchase Units have been duly executed, delivered and countersigned in
accordance with the provisions of the applicable Purchase Unit Agreement, the Offered Purchase Units, when issued and sold or otherwise distributed in accordance with the provisions of the applicable Purchase Unit Agreement and the applicable
underwriting agreement, if any, or any other duly authorized, executed and delivered valid and binding agreement, and duly delivered to purchasers thereof upon payment of the agreed-upon consideration therefor, will constitute valid and binding
obligations of the Company, enforceable against the Company in accordance with their respective terms under the laws of the State of New York. |
The opinions stated herein are subject to the following qualifications:
(i) the opinions stated herein are limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer, preference
and other similar laws affecting creditors’ rights generally, and by general principles of equity (regardless of whether enforcement is sought in equity or at law);
(ii) we do not express any opinion with respect to any law, rule or regulation that is applicable to any party to any of the Transaction
Agreements or the transactions contemplated thereby solely because such law, rule or regulation is part of a regulatory regime applicable to any such party or any of its affiliates as a result of the specific assets or business operations of such
party or such affiliates;
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May 6, 2015
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(iii) except to the extent expressly stated in the opinions contained herein, we have assumed
that each of the Transaction Agreements constitutes the valid and binding obligation of each party to such Transaction Agreement, enforceable against such party in accordance with its terms;
(iv) we do not express any opinion with respect to the enforceability of any provision contained in any Transaction Agreement relating to any
indemnification, contribution, exculpation, release or waiver that may be contrary to public policy or violative of federal or state securities laws, rules or regulations;
(v) we do not express any opinion with respect to the enforceability of any provision of any Transaction Agreement to the extent that such
section purports to bind the Company to the exclusive jurisdiction of any particular federal court or courts;
(vi) we call to your
attention that irrespective of the agreement of the parties to any Transaction Agreement, a court may decline to hear a case on grounds of forum non conveniens or other doctrine limiting the availability of such court as a forum for resolution of
disputes; in addition, we call to your attention that we do not express any opinion with respect to the subject matter jurisdiction of the federal courts of the United States of America in any action arising out of or relating to any Transaction
Agreement;
(vii) we have assumed that any agent of service will have accepted appointment as agent to receive service of process and call
to your attention that we do not express any opinion if and to the extent such agent shall resign such appointment. Further, we do not express any opinion with respect to the irrevocability of the designation of such agent to receive service of
process;
(viii) we have assumed that the choice of New York law to govern the Indenture and any supplemental indenture thereto is a valid
and legal provision;
(ix) we have assumed that the laws of the State of New York will be chosen to govern any Warrant Agreements, Deposit
Agreements Purchase Contract Agreements and Purchase Unit Agreements and that such choice is and will be a valid and legal provision;
(x)
we have assumed that any Debt Securities, Warrants, Depositary Shares, Purchase Contracts and Purchase Units that may be issued will be manually authenticated, signed or countersigned, as the case may be, by duly authorized officers of any Trustee,
Warrant Agent, Depositary, Purchase Contract Agent and Purchase Unit Agent, as the case may be;
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May 6, 2015
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(xi) we call to your attention that the opinions stated herein are subject to possible
judicial action giving effect to governmental actions or laws of jurisdictions other than those with respect to which we express our opinion; and
(xii) to the extent that any opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions
contained in any Transaction Agreement, the opinions stated herein are subject to the qualification that such enforceability may be subject to, in each case, (i) the exceptions and limitations in New York General Obligations Law sections
5-1401 and 5-1402 and (ii) principles of comity or constitutionality.
In addition, in rendering the foregoing opinions we
have assumed that:
(i) the Company (i) is duly incorporated and is validly existing and in good standing, (ii) has requisite
legal status and legal capacity under the laws of the jurisdiction of its organization and (iii) has complied and will comply with all aspects of the laws of the jurisdiction of its organization in connection with the transactions contemplated
by, and the performance of its obligations under, the Transaction Agreements;
(b) the Company has the corporate power and authority to
execute, deliver and perform all its obligations under each of the Transaction Agreements;
(c) neither the execution and delivery by the
Company of the Transaction Agreements nor the consummation by the Company of the issuance and sale of the applicable Securities contemplated thereby: (i) conflicts or will conflict with the memorandum of association or the bye-laws of the
Company, (ii) constitutes or will constitute a violation of, or a default under, any lease, indenture, instrument or other agreement to which the Company or its property is subject, (iii) contravenes or will contravene any order or decree
of any governmental authority to which the Company or its property is subject, or (iv) violates or will violate any law, rule or regulation to which the Company or its property is subject (except that we do not make the assumption set forth in
this clause (iv) with respect to the Opined-on Law); and
(d) neither the execution and delivery by the Company of the Transaction
Agreements nor the consummation by the Company of the issuance and
Aircastle Limited
May 6, 2015
Page
12
sale of the applicable Securities contemplated thereby, requires or will require the consent, approval, licensing or authorization of, or any filing, recording or registration with, any
governmental authority under any law, rule or regulation of any jurisdiction.
We hereby consent to the filing of this opinion with the
Commission as an exhibit to the Registration Statement. We also hereby consent to the reference to our firm under the heading “Legal Matters” in the prospectus forming part of the Registration Statement. In giving this consent, we do not
thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the Rules and Regulations. This opinion is expressed as of the date hereof unless otherwise expressly stated, and we
disclaim any undertaking to advise you of any subsequent changes in the facts stated or assumed herein or of any subsequent changes in applicable laws.
|
| Very truly yours, |
|
| /s/ Skadden, Arps, Slate, Meagher & Flom LLP |
Exhibit 12.1
AIRCASTLE LIMITED
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
(Dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
|
Three
Months
Ended
March 31,
2015 |
|
| |
|
2010 |
|
|
2011 |
|
|
2012 |
|
|
2013 |
|
|
2014 |
|
|
| Fixed Charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense |
|
$ |
182,802 |
|
|
$ |
211,046 |
|
|
$ |
224,720 |
|
|
$ |
243,757 |
|
|
$ |
238,378 |
|
|
$ |
62,131 |
|
| Capitalized interest |
|
|
4,127 |
|
|
|
6,506 |
|
|
|
1,315 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Portion of rent expense representative of interest |
|
|
367 |
|
|
|
381 |
|
|
|
307 |
|
|
|
404 |
|
|
|
372 |
|
|
|
92 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total fixed charges |
|
$ |
187,296 |
|
|
$ |
217,933 |
|
|
$ |
226,342 |
|
|
$ |
244,161 |
|
|
$ |
238,750 |
|
|
$ |
62,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income from continuing operations before income taxes |
|
$ |
72,412 |
|
|
$ |
132,102 |
|
|
$ |
40,713 |
|
|
$ |
38,943 |
|
|
$ |
111,637 |
|
|
$ |
46,691 |
|
| Fixed charges from above |
|
|
187,296 |
|
|
|
217,933 |
|
|
|
226,342 |
|
|
|
244,161 |
|
|
|
238,750 |
|
|
|
62,223 |
|
| Less capitalized interest from above |
|
|
(4,127 |
) |
|
|
(6,506 |
) |
|
|
(1,315 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Amortization of capitalized interest |
|
|
397 |
|
|
|
597 |
|
|
|
800 |
|
|
|
800 |
|
|
|
800 |
|
|
|
200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earnings (as defined) |
|
$ |
255,978 |
|
|
$ |
344,126 |
|
|
$ |
266,540 |
|
|
$ |
283,904 |
|
|
$ |
351,187 |
|
|
$ |
109,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratio of earnings to fixed charges |
|
|
1.37x |
|
|
|
1.58x |
|
|
|
1.18x |
|
|
|
1.16x |
|
|
|
1.47x |
|
|
|
1.75x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT 23.1
Consent of Independent Registered Public Accounting Firm
We consent to the reference to our firm under the caption “Experts” in this Registration Statement (Form S-3) and related Prospectus of Aircastle
Limited for the registration of common shares, preference shares, depositary shares, debt securities, warrants, subscription rights, purchase contracts and purchase units and to the incorporation by reference therein of our reports dated
February 19, 2015, with respect to the consolidated financial statements of Aircastle Limited, and the effectiveness of internal control over financial reporting of Aircastle Limited, included in its Annual Report (Form 10-K) for the year ended
December 31, 2014, filed with the Securities and Exchange Commission.
/s/ Ernst & Young LLP
Stamford, Connecticut
May 6, 2015
Exhibit 25.1
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM T-1
STATEMENT OF
ELIGIBILITY
UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
| ¨ |
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT TO SECTION 305(b) (2) |
WELLS FARGO
BANK, NATIONAL ASSOCIATION
(Exact name of trustee as specified in its charter)
|
|
|
| A National Banking Association |
|
94-1347393 |
| (Jurisdiction of incorporation or
organization if not a U.S. national bank) |
|
(I.R.S. Employer
Identification No.) |
|
|
| 101 North Phillips Avenue
Sioux Falls, South Dakota |
|
57104 |
| (Address of principal executive offices) |
|
(Zip code) |
Wells Fargo & Company
Law Department, Trust Section
MAC N9305-175
Sixth
Street and Marquette Avenue, 17th Floor
Minneapolis, Minnesota 55479
(612) 667-4608
(Name,
address and telephone number of agent for service)
AIRCASTLE
LIMITED
(Exact name of obligor as specified in its charter)
|
|
|
| Bermuda |
|
98-0444035 |
| (State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
|
|
| c/o Aircastle Advisor LLC
300 First Stamford Place
5th Floor Stamford,
Connecticut |
|
06902 |
| (Address of principal executive offices) |
|
(Zip code) |
Debt Securities
(Title
of the indenture securities)
Item 1. General Information. Furnish the following information as to the trustee:
| |
(a) |
Name and address of each examining or supervising authority to which it is subject. |
Comptroller of the Currency
Treasury Department
Washington, D.C.
Federal
Deposit Insurance Corporation
Washington, D.C.
Federal Reserve Bank of San Francisco
San Francisco, California 94120
| |
(b) |
Whether it is authorized to exercise corporate trust powers. |
The trustee is authorized to
exercise corporate trust powers.
Item 2. Affiliations with Obligor. If the obligor is an affiliate of the trustee, describe each such
affiliation.
None with respect to the trustee.
No responses are included for Items 3-14 of this Form T-1 because the obligor is not in default as provided under Item 13.
Item 15. Foreign Trustee. Not applicable.
Item 16. List of Exhibits. List below all exhibits filed as a part of this Statement of Eligibility.
|
|
|
|
|
|
|
Exhibit 1. |
|
A copy of the Articles of Association of the trustee now in effect.* |
|
|
|
|
|
Exhibit 2. |
|
A copy of the Comptroller of the Currency Certificate of Corporate Existence for Wells Fargo Bank, National Association, dated January 14, 2015.** |
|
|
|
|
|
Exhibit 3. |
|
A copy of the Comptroller of the Currency Certification of Fiduciary Powers for Wells Fargo Bank, National Association, dated January 6, 2014.** |
|
|
|
|
|
Exhibit 4. |
|
Copy of By-laws of the trustee as now in effect.** |
|
|
|
|
|
Exhibit 5. |
|
Not applicable. |
|
|
|
|
|
Exhibit 6. |
|
The consent of the trustee required by Section 321(b) of the Act. |
|
|
|
|
|
Exhibit 7. |
|
A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority. |
|
|
|
|
|
Exhibit 8. |
|
Not applicable. |
|
|
|
|
|
Exhibit 9. |
|
Not applicable. |
| * |
Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit 25 to the Form S-4 dated December 30, 2005 of file number 333-130784. |
| ** |
Incorporated by reference to the exhibit of the same number to the trustee’s Form T-1 filed as exhibit to the Filing 305B2 dated March 13, 2015 of file number 333-190926. |
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Wells Fargo Bank, National Association, a national banking
association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in the City of New York and State of New
York on the 23rd day of April, 2015.
|
| WELLS FARGO BANK, NATIONAL ASSOCIATION |
|
| /s/ Raymond Delli Colli |
| Raymond Delli Colli |
| Vice President |
EXHIBIT 6
April 23, 2015
Securities and Exchange Commission
Washington, D.C. 20549
Gentlemen:
In accordance with Section 321(b) of the Trust Indenture Act of 1939, as amended, the undersigned hereby consents that reports of examination of the
undersigned made by Federal, State, Territorial, or District authorities authorized to make such examination may be furnished by such authorities to the Securities and Exchange Commission upon its request therefor.
|
| Very truly yours, |
|
| WELLS FARGO BANK, NATIONAL ASSOCIATION |
|
| /s/ Raymond Delli Colli |
| Raymond Delli Colli |
| Vice President |
Exhibit 7
Consolidated Report of Condition of
Wells Fargo Bank National Association
of 101 North Phillips Avenue, Sioux Falls, SD 57104
And Foreign and Domestic Subsidiaries,
at the close of business December 31, 2014, filed in accordance with 12 U.S.C. §161 for National Banks.
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Dollar Amounts
In Millions |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Cash and balances due from depository institutions: |
|
|
|
|
|
|
|
|
| Noninterest-bearing balances and currency and coin |
|
|
|
|
|
$ |
18,743 |
|
| Interest-bearing balances |
|
|
|
|
|
|
222,900 |
|
| Securities: |
|
|
|
|
|
|
|
|
| Held-to-maturity securities |
|
|
|
|
|
|
55,483 |
|
| Available-for-sale securities |
|
|
|
|
|
|
226,470 |
|
| Federal funds sold and securities purchased under agreements to resell: |
|
|
|
|
|
|
|
|
| Federal funds sold in domestic offices |
|
|
|
|
|
|
1,968 |
|
| Securities purchased under agreements to resell |
|
|
|
|
|
|
23,309 |
|
| Loans and lease financing receivables: |
|
|
|
|
|
|
|
|
| Loans and leases held for sale |
|
|
|
|
|
|
14,634 |
|
| Loans and leases, net of unearned income |
|
|
821,207 |
|
|
|
|
|
| LESS: Allowance for loan and lease losses |
|
|
10,844 |
|
|
|
|
|
| Loans and leases, net of unearned income and allowance |
|
|
|
|
|
|
810,363 |
|
| Trading Assets |
|
|
|
|
|
|
46,228 |
|
| Premises and fixed assets (including capitalized leases) |
|
|
|
|
|
|
7,491 |
|
| Other real estate owned |
|
|
|
|
|
|
2,492 |
|
| Investments in unconsolidated subsidiaries and associated companies |
|
|
|
|
|
|
856 |
|
| Direct and indirect investments in real estate ventures |
|
|
|
|
|
|
1 |
|
| Intangible assets |
|
|
|
|
|
|
|
|
| Goodwill |
|
|
|
|
|
|
21,627 |
|
| Other intangible assets |
|
|
|
|
|
|
18,578 |
|
| Other assets |
|
|
|
|
|
|
61,641 |
|
|
|
|
|
|
|
|
|
|
| Total assets |
|
|
|
|
|
$ |
1,532,784 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
|
|
| In domestic offices |
|
|
|
|
|
$ |
1,062,122 |
|
| Noninterest-bearing |
|
|
322,290 |
|
|
|
|
|
| Interest-bearing |
|
|
739,832 |
|
|
|
|
|
| In foreign offices, Edge and Agreement subsidiaries, and IBFs |
|
|
|
|
|
|
151,034 |
|
| Noninterest-bearing |
|
|
928 |
|
|
|
|
|
| Interest-bearing |
|
|
150,106 |
|
|
|
|
|
| Federal funds purchased and securities sold under agreements to repurchase: |
|
|
|
|
|
|
|
|
| Federal funds purchased in domestic offices |
|
|
|
|
|
|
946 |
|
| Securities sold under agreements to repurchase |
|
|
|
|
|
|
12,563 |
|
|
|
|
|
|
| |
|
Dollar Amounts
In Millions |
|
|
|
| Trading liabilities |
|
|
25,409 |
|
| Other borrowed money |
|
|
|
|
| (includes mortgage indebtedness and obligations under capitalized leases) |
|
|
83,997 |
|
| Subordinated notes and debentures |
|
|
18,701 |
|
| Other liabilities |
|
|
32,601 |
|
|
|
|
|
|
| Total liabilities |
|
$ |
1,387,373 |
|
|
|
| EQUITY CAPITAL |
|
|
|
|
| Perpetual preferred stock and related surplus |
|
|
0 |
|
| Common stock |
|
|
519 |
|
| Surplus (exclude all surplus related to preferred stock) |
|
|
106,158 |
|
| Retained earnings |
|
|
34,288 |
|
| Accumulated other comprehensive income |
|
|
4,019 |
|
| Other equity capital components |
|
|
0 |
|
|
|
|
|
|
| Total bank equity capital |
|
|
144,984 |
|
| Noncontrolling (minority) interests in consolidated subsidiaries |
|
|
427 |
|
|
|
|
|
|
|
|
| Total equity capital |
|
|
145,411 |
|
|
|
|
|
|
| Total liabilities, and equity capital |
|
$ |
1,532,784 |
|
|
|
|
|
|
I, John R. Shrewsberry, Sr. EVP & CFO of the above-named bank do hereby declare that this Report of Condition has
been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true to the best of my knowledge and belief.
|
| John R. Shrewsberry |
| Sr. EVP & CFO |
We, the undersigned directors, attest to the correctness of this Report of Condition and declare that it has been
examined by us and to the best of our knowledge and belief has been prepared in conformance with the instructions issued by the appropriate Federal regulatory authority and is true and correct.
|
|
|
| John Stumpf |
|
Directors |
| James Quigley |
|
|
| Enrique Hernandez, Jr. |
|
|
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