Subsequent Events

9 Months Ended

Sep. 30, 2016

Subsequent Events

Subsequent Events

9.  Subsequent Events

Preferred Stock

On October 11, 2016, the Company entered into a Stock Purchase Agreement with Development Bank of Japan Inc., relating to the sale and issuance of an aggregate of 1,000,000 shares of the Company’s 6.5% Series A Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”) at a purchase price of $20.00 per share.

The Series A Preferred Stock carries a quarterly dividend at the rate per annum of 6.5% per share, with a $20.00 liquidation preference per share. The purchase and sale of the Series A Preferred Stock closed on October 14, 2016 and the first dividend is expected to be paid on January 16, 2017. The net proceeds to the Company after deducting investor fees were $19.8 million.

Total Engine Support Limited Acquisition

On October 26, 2016, the Company announced the purchase of the business and assets of Total Engine Support Limited (“TES”).  TES has been the engine management and consulting business of the TES Aviation Group. TES has approximately 500 engines under management.Pro forma results of operations for this acquisition have not been presented because it was not material to the consolidated results of operations.