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1、PART8TacticalFinancingDecisionsChapter18LeaseFinancingChapter19HybridFinancing:PreferredStock,Warrants,andConvertiblesChapter20InitialPublicOfferings,InvestmentBanking,andFinancialRestructuring731ThispageintentionallyleftblankCHAPTER18LeaseFinancingheForty-Year-OldVirgin,starringSteveCarell
2、,cost$26milliontoTproducebutgrossedover$177millionatboxofficesworldwide.That’salotofmoney,butthereisa25-year-oldVirginmakingevenmore:VirginAtlantic,theairline,turned25in2009.VirginisprivatelyheldbySirRichardBranson’sVirginGroup(withSingaporeAirlinesowninga49%share),sowedon’tknowexactlyhowmu
3、chmoneyVirginismaking,butinmid-2009Virginplacedanorderfor10AirbusA330-300jetairlinersthatwillcostabout$2.1billion.Virginisplanningonpurchasing6ofthejetsandthenimmediatelysellingthemtoAerCapHoldingsNV,aDutchcompanyspecializinginleasingaircraft.AerCapwillthenleasethejetsbacktoVirgin.Inadditio
4、n,AerCapwillpurchase4ofthejetsdirectlyfromAirbusandthenleasethemtoVirgin.ThebottomlineisthatVirginwon’thavetoponyup$2.1billiontogetthe10jets,butVirginwillgettooperatetheaircraftbecauseitwillmakeleasepaymentstoAerCap.VirginhadpreviouslyplacedorderswithBoeing,aU.S.company,forBoeing’s787Dreaml
5、iner.BecauseBoeingexperiencedaseriesofproductiondelays,VirginturnedtoAirbus,whichisownedbytheEuropeanAeronauticDefenceandSpaceCompany(EADS).EADSitselfwasformedin2000fromanumberofsmallercompaniesattheencouragementofmanyEuropeangovernmentsdesiringaEuropeancompanywiththesizeandscopetobeamajorc
6、ompetitorintheglobalaviationanddefensebusiness.Thus,the10AirbusjetswillbeproducedinEuropebyEADS,ownedbytheDutchcompanyAerCap,operatedbytheU.K.companyVirginAtlantic,andflownallovertheworld.Asyoureadthischapter,thinkaboutthewaysthatleasinghelpssupportglobaloperations.733734Part8:TacticalFinan
7、cingDecisionsFirmsgenerallyownfixedassetsandreportthemontheirbalancesheets,butitistheuseofassetsthatisimportant,nottheirownershipperse.Onewaytoobtaintheuseofresourcefacilitiesandequipmentistobuythem,butanalternativeistoleasethem.Priortothe1950s,leasingwa
