06 Apr 2021

Irish Aircraft Leasing Newsletter 6 April

AerCap Signs Lease Agreements with Norse Atlantic Airways for 9 Boeing 787 Aircraft AerCap announced it has signed lease agreements with Norse Atlantic Airways for the lease of six used Boeing 787-9s and three used Boeing 787-8 aircraft.  All nine aircraft are powered by Rolls Royce Trent 1000 engines and are scheduled to begin delivery during 2021. Peter Anderson, Chief Commercial Officer of AerCap said "AerCap is excited to announce the signing of lease agreements for nine Boeing 787 aircraft with Norse Atlantic Airways.  With its superior operating characteristics, the 787 is the perfect aircraft for Norse Atlantic Airways to launch a modern long-haul low-cost airline, and we are delighted to be supplying them with their first aircraft.  We wish Norse Atlantic Airways every success and look forward to working with them as they roll out their plan in the years to come." Carlyle Aviation to Acquire Fly Leasing for $17.05 per Share Fly Leasing announced that it has entered into a definitive agreement to be acquired by an affiliate of Carlyle Aviation Partners the investment and servicing arm within The Carlyle Group’s $56 billion Global Credit platform.  Under the terms of the Merger Agreement, FLY shareholders will receive $17.05 per share in cash, representing a total equity valuation of approximately $520 million. The total enterprise value of the transaction is approximately $2.36 billion. FLY’s portfolio of 84 aircraft and seven engines is on lease to 37 airlines in 22 countries. FLY CEO Colm Barrington said “This transaction represents strong value for FLY shareholders at a time when airlines are facing an extremely difficult environment and smaller aircraft lessors are disadvantaged in the debt markets. After a thorough review and evaluation of its options, FLY’s Board of Directors enthusiastically recommends this transaction to its shareholders.” CDB Aviation and SAS Expand Relationship with New Transaction for Four Airbus Aircraft CDB Aviation announced a new sales and leaseback transaction for a fleet of four Airbus aircraft with its existing customer, Scandinavia’s flagship airline, SAS. The agreement incorporates three A320neo and one A350-900 aircraft. The carrier already took delivery of the A350, with the A320neo aircraft expected to be delivered in the near term. CDB Aviation Chief Marketing Officer Peter Goodman said “We are pleased to expand our long-standing relationship with SAS, with the addition of these new technology Airbus aircraft on long-term lease. These aircraft will aid the SAS team’s efforts as they reshape their fleet with a focus on sustainability and environmental stewardship and adapt their operations to the travel market’s post-pandemic realities.” Falko Regional Aircraft Limited adds three (3) Embraer E175 aircraft to its portfolio on lease to Republic Airways Falko Regional Aircraft announced that it has completed the acquisition of three (3) Embraer E175 aircraft. The aircraft have been acquired from Aerocentury Corp. and are currently on lease to Republic Airways where they will remain in service for American Airlines under the existing lease contract.  The acquisition has been funded by the Falko Regional Aircraft Opportunities Fund II, which closed in June 2019 with total equity commitments of $650m. LCI Launches Helicopter Co-Investment Vehicle With LCM Partners LCI has expanded its aviation leasing, investment and management platform with the formation of a new helicopter co-investment vehicle with LCM Partners. The vehicle has been launched with the initial acquisition of two Leonardo AW109SP helicopters used for emergency medical services. These are some of the most advanced Air Ambulances in the UK and will provide critical care and emergency transport of patients, particularly in the initial ‘golden hour’ of care, stabilisation and recovery. Praveen Vetrivel, Chief Financial Officer of LCI, says: “The establishment of our new co-investment vehicle with LCM Partners, one of Europe's leading alternatives investment management firms, is further evidence that helicopters are viewed as a resilient, long-term and desirable asset class.” Acumen Aviation © 6 April All Rights Reserved.