Mon, Nov 08, 2010
Financing Deal Struck Between flydubai And Avalon Worth $320
Million
Dubai’s first low cost airline flydubai said Wednesday it
has reached sale and leaseback agreements with aircraft leasing
group Avolon on four Boeing 737-800NG aircraft worth $320 million
at list prices.
File Photo
In addition to recently announced deals with GECAS and BBAM to
finance nine aircraft, this latest deal secures flydubai’s
needs through to December 2011.
“Like flydubai, Avolon is a young, ambitious, dynamic
company and we look forward to a long and successful relationship
with them,” said
Ghaith Al Ghaith, CEO of flydubai. “This deal for four Boeing
737-800NG aircraft comes just five weeks after our announcement of
sale and leaseback agreements for nine aircraft with GECAS and BBAM
and takes the total value of the financing we have secured during
that period to more than US$1 billion. Our next 13 aircraft are now
completely financed, which takes us through to December of next
year.”
Since launch in May, 2010, Avolon has executed contracts and
letters of intent for the purchase of over 50 aircraft. The Avolon
fleet, comprises Airbus A320s, Boeing 737NGs and Airbus A330s,
valued at in excess of $2 billion.
“A key element of Avolon’s strategy is to identify
airlines that are long-term "winners" and to back them in scale,"
said John Higgins, Avolon President and Chief Commercial Officer.
"Our team are uniquely experienced in structuring large and
innovative sale and lease-back financings and we look forward to
further developing our relationship with flydubai and our presence
in the Gulf over the coming years."
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