17 Jul 2017

Irish Aircraft Leasing Newsletter 17 July

AerCap Signs Lease Agreement with Air Transat for 10 New Airbus A321neo LR AerCap announced 11 July it has signed an agreement with Air Transat for the lease of 10 Airbus A321neo LRs. The airline will become the first North American Airbus A321LR operator when the aircraft enter into service starting in 2019. AerCap is the world's largest Airbus A320neo Family lessor, with 220 aircraft owned and on order. CDB Aviation Lease Finance Delivers 737-800 to Fuzhou Airlines CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited announced 12 July the delivery of one Boeing 737-800 to Fuzhou Airlines. Dublin Aerospace to assist Avolon with Aircraft transitions Avolon announced 11 July it has signed two agreements with Dublin Aerospace. The first agreement is for full overhaul and cabin modification on two Airbus A330 aircraft during the 2017 summer months and scheduled to go on lease with Avolon’s customer in October 2017. The second agreement is for lease transition work on two A320 aircraft also in the 2017 summer months and scheduled to go on lease with Avolon’s customer in August 2017. FPG Amentum delivers two 737-800s to TUI Airlines Belgium FPG Amentum announced 11 July the delivery of two Boeing 737-800s (MSNs 33974 and 35647) to TUI Airlines Belgium NV. MSN 35647 transitioned from Norwegian on 2 June 2017 and is managed by FPG Amentum on behalf of a JOL owner. MSN 33974 transitioned from Air Europa on 7 July 2017 and is owned by FPG Amentum’s investor customer Global Aircraft Fund I. FPG Amentum now manages a total of eight 737-800s on lease to various TUI group airlines. Welcome Development in Irish Companies Act for Aircraft Leasing Under the Companies Act 2014 (the 2014 Act), Irish private limited companies may be incorporated as either a company limited by shares (CLS) or a designated activity company (DAC). The Companies (Accounting) Act 2017 (the Accounting Act) which came into force on 2 June 2017 included welcome amendments to the 2014 Act which impact the aircraft leasing community and the use of Designated Activity Companies for aircraft finance and leasing transactions. Prior to the Accounting Act, a company entering into the business of finance leasing needed to be a DAC entity rather than a CLS. Intrepid Announces Portfolio Financing and Repayment of 8.25% Senior Unsecured Notes Intrepid Aviation announced 7 July the portfolio financing of three Airbus A330-300 aircraft with Deutsche Bank and an institutional investor. The aircraft are on long-term lease and in service with Turkish Airlines. NAC appoints Brian Ruben Pedersen as new CFO Nordic Aviation Capital announced 10 July its plan to strengthen its Executive Management Team as it continues its rapid growth in the regional aircraft leasing space. Brian Ruben Pedersen has joined NAC as Chief Financial Officer effective 1 July 2017. NAC delivered one ATR 72-600, MSN 1110, to Far Eastern Air Transport Corporation on lease Nordic Aviation Capital (NAC) announced 6 July that it has delivered one ATR 72-600, MSN 1110, to Far Eastern Air Transport Corporation on lease. Far Eastern Air Transport Corporation is a new customer of NAC. Acumen Aviation © 17 July All Rights Reserved.