Thu, Dec 20, 2007
Lease Financing Includes Aircraft, Simulators
Aircraft leasing firm Boston Aviation Leasing announced this
week it has closed an $8.75 million operating lease financing
facility with Delta Connection Academy of Sanford, FL. The
transaction includes 34 new Cirrus SR20 training aircraft, and six
Aerosim flight training devices. Additional funding for 16 SR20s as
well as seven advanced Aerosim flight training devices is
anticipated for 2008.
The total anticipated lease financing package will exceed $14
million, according to the company.
"We are excited to provide the funding for such a premier flight
training organization and believe the future of flight training is
headed in the direction of increased utilization of technically
advanced aircraft such as the Cirrus and the Aerosim flight
training devices," said Brad Rosse, Managing Director of Boston
Aviation Leasing. "Lease financing is an ideal solution to rapidly
growing flight schools such as Delta Connection Academy, as it
enables flight schools to use their cash for operations as opposed
to capital expenditures on aircraft and simulators."
Boston Aviation Leasing acted as a
principal in the transaction, employing its own equity and
financial guarantees and utilizing its banking facilities provided
by Sovereign Bank. The 34 aircraft add to Boston Aviation
Leasing’s existing portfolio of training aircraft leased to
flight schools.
Prior transactions have included Pan Am International Flight
Academy, AirShares Elite and other individual and institutional
aircraft owners.
As ANN reported, last week
Delta Connection Academy held its grand opening for the new
27,000-square foot Sanford facility.
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