Aircastle Limited (NYSE: AYR) ("Aircastle" or the "Company") announced today that the Company's Board of Directors (the "Board") increased the authorization to repurchase up to $100 million of the Company's common shares, from the $76 million that was remaining under the existing authorization. Since 2011, the Company has repurchased 18.5 million shares at an average cost of $14.57 per share. Under the program, the Company may purchase its common shares from time to time in the open market or in privately negotiated transactions. The amount and timing of the purchases will depend on a number of factors, including the price and availability of the Company's common shares, trading volume and general market conditions.
The Company also announced the election by shareholders of Jun Horie to the Board and the appointment of Takashi Kurihara to the Board. Mr. Horie is the President and CEO of Marubeni America Corporation and replaces Hajime Kawamura, who did not stand for reelection. Mr. Kurihara, Advisor to the President of Marubeni America Corporation, was appointed to replace Gentaro Toya, who resigned from the Board.