24 Aug 2020

Irish Aircraft Leasing Newsletter 24 August

EasyJet completes aircraft sale and leaseback programme with Jin Shan 37 Ireland Company Limited EasyJet has announced the successful conclusion of its previously announced sale and leaseback programme for a total of 23 aircraft, generating total proceeds of $771 million (£608m), at the upper end of the £500-650 million.The final transaction was executed with Jin Shan 37 Ireland Company Limited (a wholly owned subsidiary of BOCOMM Leasing) for the sale and leaseback of five A321neo aircraft for aggregate cash sales proceeds of $266 million (approximately £203m). The proceeds of the sale will be used to maximise liquidity and further strengthen easyJet’s financial position. GECAS Cargo to Deliver First Dedicated Air Freighters for S7 Airlines GECAS (GE Capital Aviation Services) today announced an agreement with S7 Airlines  for two 737-800 Boeing Converted Freighter (BCF) aircraft. GECAS expects the freighters to deliver in November 2020 and January 2021. The aircraft will fly medium and short-haul routes for S7. “We are delighted to support S7 Airlines in the launch of their new dedicated cargo programme,” said Richard Greener, SVP and Manager of GECAS Cargo. “The 737-800NG freighter is renowned for its efficiency and reliability, as well as its lower operational costs and better environmental credentials, making it a strong addition to a combination carrier entering the cargo market.” SKY Leasing Announces Sale-Leaseback for (2) A321-200NEO Aircraft with IndiGo SKY Leasing announced it has signed an agreement for the sale and leaseback of (2) A321- 200NEO aircraft with IndiGo this month. John Duffy, Chief Commercial Officer, SKY Leasing said ““We are delighted to build further on our relationship with IndiGo, one of the world’s most durable and successful low-cost carriers, and furthermore, to do so during such challenging times for our industry”. WNG Capital continues to expand the team with new hire WNG Capital LLC announced the appointment of Sean O’Connell on August 3rd as Marketing Director and is based in WNG’s office in Dublin, Ireland. Michael Gangemi, Co-Managing Partner, said, "In a time of unprecedented volatility in aviation leasing WNG is fortunate to add Sean O’Connell, a marketing director with extensive experience, to our seasoned team of professionals focused on older narrow-body aircraft investments.  WNG has committed capital, and we look forward to Sean’s insights to help WNG generate great outcomes.” Acumen Aviation © 24 August 2020 All Rights Reserved.