LEXINGTON, Mass., May 9 /PRNewswire/ -- Raytheon Company
(NYSE: RTNA, RTNB) and debis Capital Services announced today that debis has
agreed to purchase up to $800 million of general aviation and corporate
aviation finance receivables generated at Raytheon Aircraft Company (RAC).
The transaction involves more than 300 aircraft-related loans and leases. The
two companies are also working towards implementing a global "customer
financing" agreement, in which debis will offer a broad array of financial
products to Raytheon's aircraft customers worldwide.
"This sale and the financing partnership with debis Capital Services will
allow Raytheon to focus on building and marketing world-class aircraft while
preserving our financing capacity for other strategic opportunities," said
Franklyn A. Caine, chief financial officer of Raytheon Company. "Raytheon
will also be able to leverage debis' financial strength and capabilities to
support RAC's customers around the world."
Caine added that the transaction is one in a series of steps designed to
reduce Raytheon's overall bank exposure and to improve the company's financial
flexibility. Proceeds from the sale will be used to reduce off-balance-sheet
debt at RAC.
debis Capital Services is a business unit of DaimlerChrysler Services
(debis) AG, the services company of DaimlerChrysler AG. In 1999,
DaimlerChrysler Services (debis) AG, Berlin, achieved revenues of US$12
billion and an operating profit of US$2 billion. debis Capital Services is
headquartered in Norwalk, Conn., and employs 500 people in 20 countries who
manage a US$8 billion portfolio in such areas as transportation, mid-market,
trade and commercial financing, as well as financial engineering.
Raytheon is a global technology leader that provides products and services
in the areas of commercial and defense electronics and business and special
mission aircraft. Raytheon has operations throughout the United States and
serves customers in more than 80 countries.
SOURCE Raytheon Company
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Related links:
http://www.raytheon.com
CONTACT:
David Polk of Raytheon Company, 781-860-2386
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