27 Mar 2023

North American Aviation Newsletter

Air Lease Corporation Completes First Ever North American Corporate Sukuk Offering

Air Lease Corporation announced the successful completion of its inaugural sukuk issuance. The transaction, settled on March 15, 2023, represented the first ever offering of its kind into the Middle East market from a North American corporate and the largest sukuk from a US-based borrower in history. The offering consisted of $600 million aggregate principal amount of 5.85% trust certificates due April 1, 2028 The Company will make semi-annual distributions of the profit rate under the Certificates. The Company intends to use the net proceeds of the offering for general corporate purposes, which may include, among other things, the purchase of commercial aircraft and the repayment of existing indebtedness.

Aviation Capital Group Announces Delivery of One A320neo to Spirit Airlines

Aviation Capital Group announced the delivery of one new Airbus A320neo aircraft on long-term lease to Spirit Airlines, powered by the Pratt & Whitney GTF engines, this is the first of four aircraft scheduled to deliver to the airline from ACG’s order book with Airbus. This is ACG’s first aircraft delivery from Airbus’ facility in Mobile, Alabama.

Canada Jetlines Outlines Potential Qatar Airways Collaboration

Canada Jetlines announced that it is in discussions with Qatar Airways Group to explore a potential collaboration between the two airlines. Subject to all regulatory approvals, the parties are discussing the possibility of including non-stop flights between Toronto-Pearson and Doha, the home of Qatar Airways. This would offer Canadian travellers access to Qatar Airways' unparalleled network via Doha to destinations in the Middle East, Africa, Indian Subcontinent and across Asia.

CFM and StandardAero expand LEAP MRO network

CFM International and StandardAero have signed a CFM Branded Services Agreement (CBSA) for both LEAP-1A and LEAP-1B engines. Under the terms of the agreement, StandardAero will provide the full scope of LEAP Maintenance, Repair & Overhaul (MRO) services for operators worldwide. StandardAero is the first independent (non-airline) MRO provider in the Americas to sign a CBSA. Services will be provided at StandardAero’s flagship engine overhaul and assembly facility in San Antonio, Texas.

TSM awards AEI Inc Boeing 737-400 freighter conversion

Aeronautical Engineers, Inc. (AEI) announced that Saltillo, Mexico-based Aeronaves T.S.M. S.A. de C.V. (TSM) has ordered an additional AEI B737-400SF freighter conversion. The 737-400 aircraft (MSN 26308) will commence modification in May 2023 and will be performed by the authorized AEI Conversion Centner, Commercial Jet, in Dothan, Alabama. TSM is planning to expand their fleet of 737-400 freighter aircraft and intends to operate 20 of the freighter type.

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