Fri, May 24, 2019
Reaches 50 Aircraft Portfolio Milestone
Chorus Aviation Capital ('CAC') has entered into a purchase agreement to acquire five, mid-life Bombardier Q400 aircraft currently on lease with Europe's largest independent regional airline, Flybe. This transaction is expected to close by this summer and is subject to customary conditions precedent to closing, such as the novation of the existing leases, as well as the receipt of all regulatory approvals or consents required in connection with the acquisition of Flybe by Connect Airways Limited. With these acquisitions, Chorus Aviation Capital has announced 50 commitments to date for its regional aircraft leasing business.
"We are very pleased to expand our relationship with our existing customer, Flybe," said Steve Ridolfi, President, Chorus Aviation Capital. "In less than two years we've grown our leasing portfolio to 50 aircraft acquired at approximately $995.0 million with $765.0 million in future contract lease revenue."
"In addition to growing CAC's lease portfolio, these mid-life aircraft play to the Chorus group's strengths as a diversified provider of regional aviation services," commented Joe Randell, President and Chief Executive Officer, Chorus. "At the end of the lease term, Chorus will have multiple potential uses for these aircraft, including lease extensions, re-leases or sale to new operators, conversions to non-passenger use, or disassembly for parts sales. I applaud the Chorus team for reaching this important milestone and for embracing our vision to become a worldwide provider of integrated regional aviation services."
Upon the completion of this transaction, and seven other aircraft pending delivery to other customers, CAC's portfolio will include 38 turboprops and 12 regional jets placed with 13 airlines on six continents. When combined with the 47 aircraft leased under the Capacity Purchase Agreement with Air Canada, Chorus' fleet of leased aircraft has reached 97 aircraft valued at approximately $1.6 billion.
(Source: Chorus Aviation Capital news release. Image from file)
More News
Airport Marking Aids Markings used on runway and taxiway surfaces to identify a specific runway, a runway threshold, a centerline, a hold line, etc. A runway should be marked in ac>[...]
"It is extremely difficult, if not impossible, for manned aircraft to see a drone while conducting crop-enhancing and other aerial applications at low altitudes and high speeds. We>[...]
Aero Linx: The Skyhawk Association The Skyhawk Association is a non-profit organization founded by former Skyhawk Pilots which is open to anyone with an affinity for the A-4 Skyhaw>[...]
“The T-54A benefits from an active Beechcraft King Air assembly line in Wichita, Kansas, where all required METS avionics and interior modifications are installed on the line>[...]
Aero Linx: Aerostar Owners Association The Association offers the Aerostar Owner a unique opportunity to tap an invaluable source of information concerning the care and feeding of >[...]
ANN's Daily Aero-Term (04.28.24): Airport Marking Aids
See All