28 Jun 2021

Irish Aircraft Leasing Newsletter 28 June

Aircastle Delivers the First of Four A320neo Aircraft to Frontier Airlines Aircastle announced today that it has delivered an Airbus A320neo aircraft to Frontier Airlines. This is the first of four new A320neos that Aircastle will deliver to Frontier in 2021. Aircastle’s Chief Executive Officer Mike Inglese stated “We look forward to being a valued and trusted partner to Frontier for many years to come as they continue to grow and prosper. In furthering the growth and modernization of Frontier’s fleet, Aircastle will be delivering three additional A320neo aircraft to Frontier later this year.” Apollo Funds and Merx Aviation Complete Closing of MAPS 2021-1 Aircraft ABS Issuance Funds managed by affiliates of Apollo Global Management and Merx Aviation, a global aircraft leasing, management and finance company, announced the closing of an issuance of $540.12 million of secured notes by MAPS 2021-1 Trust.  The portfolio features 18 narrow body aircraft and two freighters, with a weighted average age of 5.8 years overall and 4.3 years excluding freighters, and weighted average lease term of 8.4 years. Senior Vice President of Strategy and Capital Markets Merx Ronan Murphy stated “With MAPS 2021-1, we are delighted to continue the legacy of the MAPS ABS program, which comprises conservative, consistent and robust structures. We are extremely proud of the high-quality portfolio constructed and originated by the Merx and Apollo teams. We look forward to continuing the MAPS program into the future, bringing our track record of strong performance and focus on exceptional servicing along with us.” Jackson Square Aviation Announces Delivery of Three Airbus A320neo Aircraft to Flynas Jackson Square Aviation (JSA) announced a purchase and leaseback financing for Flynas with delivery of three Airbus A320neo aircraft under long term leases. SVP Marketing & Capital Markets EMEA Christophe Million-Rousseau stated “We look forward to developing our relationship with Flynas in the years ahead, and supporting the airline’s fleet expansion plans as it continues to operate as one of the Middle East’s leading low cost airlines.” Seraph Aviation Group places two A320-200s with Pakistan International Airlines Seraph Aviation Group announced following the completion of an open tender process, that it has successfully placed two A320-200’s with Pakistan International Airlines with deliveries expected in July and August 2021. David Butler, Chief Executive, Seraph Aviation Group stated “We are delighted to have secured a contract for two A320-200s with Pakistan International Airlines.  This follows a process in which we faced strong competition, but where the combination of technical ability and financial modelling achieved the highest marks. We look forward to delivering both aircraft in the coming months and to commencing a long and positive relationship with Pakistan International Airways.” SMBC Aviation Capital closes $500 million senior unsecured bond offering SMBC Aviation Capital announced that its wholly-owned subsidiary, SMBC Aviation Capital Finance DAC, has closed the sale of $500 million principal amount of 2.300%, seven-year senior unsecured notes due June 2028. The Notes are fully and unconditionally guaranteed by SMBC Aviation Capital.  The proceeds from the latest offering will be used for general corporate purposes which may include, among other things, the purchase of aircraft and the repayment of existing indebtedness. SMBC Aviation Capital CFO Barry Flannery stated “The successful completion and industry leading pricing achieved on this transaction is a strong endorsement from the market for SMBC Aviation Capital’s financial strength and ability to capitalise on growth opportunities. Our strong credit ratings and diversified funding structure provides us with multiple options to execute on our growth plans. As our airline customers now increasingly focus on the recovery and the pent-up demand for travel, we are positioned to capitalize on what will be a period of substantial change and opportunity ahead for the wider sector.” Acumen Aviation © 28 June 2021 All Rights Reserved.