Thus, by allocating such a large percentage of the income from fully tax-depreciated aircraft to the Dutch banks, GECC
avoided an enormous tax burden while, at the same time, shifting very little book income.
Both Mubadala and GECC
have provided capital and liquidity to the joint venture since founding MGEC (55 per cent of MGEC's current borrowings are due to its shareholders as of June 2015) and are committed to the transaction with MidCap.
The agreement provides for GECC
to pay Shinsei AN175 billion (US$1.
The two previously announced secured financings with GECC
were for USD80m, or around CAD98m, completed on 23 December 2008 and USD75m, or around CAD92m, completed on 30 January 2009.
Fitch's review only addresses the effect of transferring the BLT servicing from GECC
This is because MGEC currently relies heavily on GECC
to originate new business, while GECC
anticipates that it will shrink to approximately 25 per cent of its current size (primarily through asset sales over the next three years) following GE's streamlining decision.
Full funding under the agreements with GECC
and its affiliates would provide Air Canada with financing of approximately USD195m or approximately CAD238m.
The net proceeds from the offering of the Notes, together with the proceeds from the borrowings under the new credit facility and the GECC
Affiliate Purchase, will be used to repay certain intercompany indebtedness provided by DTEES or its affiliates, reimburse DTEES and its affiliates for certain pre-formation expenses, pay a dividend to DTEES and pay certain transaction-related fees and expenses.
For a complete statement of the terms and conditions of the consent solicitation, the proposed amendments, and the GECC
guarantee, note holders should refer to the Prospectus Supplement and Consent Solicitation Statement, and the related Letter of Consent, dated January 24, 2007, as amended hereby.
The court pointed out there was no dispute that the Castle Harbour transaction had created significant tax savings for GECC
If the proposed acquisition of Trustreet is not completed, the proposed amendments and GECC
guarantee will not become operative.
As a result, GECC
asked us to help protect their loans.