09 Nov 2020

Irish Aircraft Leasing Newsletter 9 November

Avolon Appoints Chief Risk Officer Avolon announced the appointment of Paul Geaney as Chief Risk Officer and to its Executive Committee. Paul will assume overall responsibility for the implementation, oversight and continued development of Avolon’s risk management framework and will report to the CEO. A member of Avolon since 2010, Paul most recently served as Head of the OEM team with responsibility for managing Avolon’s relationships with all airframe and engine manufacturers. EasyJet Statement - Aircraft Sale and Leaseback with Wilmington Trust SP Services (Dublin) and Sky High 112 Leasing Company Limited EasyJet confirmed 27th October the sale and leaseback of nine aircraft with two counterparties. The transactions generate total cash proceeds of $398.6 million (£305.7m). The first transaction was executed with Wilmington Trust SP Services (Dublin) Limited for the sale and leaseback of five Airbus 320 family aircraft. The aircraft will generate cash sales proceeds of $191.1m (approximately £146.5m), and are leased for an average term of 117 months, creating lease obligations of £123.7m. The second transaction was executed with Sky High 112 Leasing Company Limited for the sale and leaseback of four Airbus 320 family aircraft. The aircraft will generate cash sales proceeds of $207.5m (approximately £159.1m), and are leased back for an average of 116 months, creating lease obligations of £108.0m. Fly Leasing to Report Third Quarter 2020 Financial Results on November 12, 2020 Fly Leasing Limited announced that it will release its third quarter 2020 earnings results before the market opens on Thursday, November 12, 2020. FLY’s senior management will host a conference call and webcast with slide presentation to discuss these results at 9:00 a.m. U.S. Eastern Time on Thursday, November 12, 2020. Kalitta Air to be Launch Operator of The Big Twin with Agreement to Lease Three 777-300ERSF from GECAS Cargo GECAS Cargo announced an agreement with Kalitta Air for three 777-300ERSF aircraft. With this agreement, Kalitta will be the first operator of the new passenger-to-freighter type, adding to their already sizable all-cargo fleet when these aircraft deliver in 2023. Dubbed “The Big Twin,” the 777-300ERSF will be the largest ever twin-engine freighter the conversion program is jointly funded by GECAS and Israel Aerospace Industries (IAI). Kalitta Air Founder Conrad Kalitta said “Providing air express delivery all around the world for virtually any type of freight, the addition of these three 777-300ERSF freighters will help us meet the needs of our customers.” Acumen Aviation © 9 November 2020 All Rights Reserved.