Eclipse Aviation News
New Board Member Brings Eclipse Deep Financial Expertise
Eclipse has elected Brandon Jones to its board of directors. Jones has extensive experience in investment banking, securities law and private investing, and is currently co-head of private investments for Polygon Investment Partners LLP. Prior to joining Polygon in May 2004, Jones was senior vice president at Liberté Investors Inc., where he was responsible for sourcing, analyzing and executing acquisitions. Before Liberte', Jones spent five years as an investment banker at Lehman Brothers and Thomas Weisel Partners. Jones began his career as a corporate M&A and securities lawyer at Baker Botts L.L.P.
“It is a great pleasure to welcome Brandon to the board,” said Vern Raburn, president and CEO of Eclipse Aviation. “Now that we have successfully completed the development of the Eclipse 500, we are aggressively focused on advancing our manufacturing operations, customer service infrastructure and financial performance. Brandon’s expertise will be invaluable as we move forward to this next stage of company growth and maturity.”
As a member of the board, Jones joins a noteworthy team including Chairman Harold Poling, retired chairman and CEO of Ford Motor Company; Kent Kresa, chairman emeritus of Northrop Grumman; Alfred Mann, chairman and CEO of Mannkind Corporation; Brian Barents former president and CEO Learjet; and Vern Raburn, president and CEO of Eclipse Aviation.
Eclipse Raises $225 Million in Convertible Debt Funding
Also today, Eclipse announced that it recently closed a $225 million pre-IPO convertible debt offering which was placed by UBS Investment Bank. Demonstrating a high level of confidence in Eclipse within the financial community, the offering was subscribed by eleven major institutional investors who conducted significant due diligence on Eclipse, its business plan, management team, markets, customer base, suppliers, high volume manufacturing capabilities, pilot training plans, and the Eclipse 500 certification progress.
Convertible debt is a loan that can be converted into equity at a later date. Over the last decade convertible debt financings have become more prevalent as financing vehicles for high-growth private companies who plan to conduct an initial public offering (IPO) at some point in the future.
Since 1999, Eclipse has raised in excess of $600 million in private capital for the development, certification, volume production and support of the Eclipse 500 jet.
Eclipse Aviation is in the business of designing, certifying and producing modern, affordable jet aircraft that will revolutionize the transportation market. The company is applying advanced electronics systems, manufacturing and business practices to produce aircraft that cost less than a third of today's small jet aircraft, will be significantly safer and easier to operate than those of today, and have the lowest cost of ownership ever achieved in a jet aircraft.
The goal of Eclipse is to bring the word "personal" into aviation, making it possible for commercial air passengers to move directly between cities on a quick, affordable and convenient basis. It will also allow pilot owners to enter the world of jet-powered aviation.