Global Aviation Holdings Inc., a provider of customized, non-scheduled passenger and cargo air transport services, announced its plan for initial public offering of up to $100 million shares of common stock.
The number of shares to be offered and the price range for the offering have not yet been determined, the company filed on Monday with the U.S. Securities and Exchange Commission. Global Aviation intends to apply to list the shares on the Nasdaq Global Select Market under the symbol "GLAH".
The Peachtree City, Georgia based company expects to use offering net proceeds to pay down certain indebtedness, to expand combined fleet of aircraft, and for general corporate purposes.
Global Aviation said that both the company and the selling stockholders are selling shares in this offering. The company specified that it will not receive any proceeds from the sale of shares by selling stockholders, according to its Form S-1.
Global Aviation Holdings operated in about 124 countries worldwide in 2009, and are the largest provider of contracted air transportation services to the U.S. military. The company provides its services through two operating air carriers, World Airways, Inc. and North American Airlines, Inc.
As of March 31, 2010, the company's combined fleet consisted of 30 wide-body and narrow-body leased aircraft, which support its two primary business lines: military, which includes both passenger and cargo services and commercial cargo air transport services.
For the first quarter ended March 2010, Global Aviation reported net loss to common stockholders of $447 thousand, compared to an income of $30.4 million a year earlier. Total operating revenue rose to $298.54 million from $270.57 million a year ago.
Morgan Stanley & Co. Inc and Jefferies & Co. Inc. are the lead underwriters for the offering.
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