As the stock prices hit record low levels the Airline Leasing business continues to be alive and well.
si.advfn.com
AMSTERDAM, The Netherlands, June 23 /PRNewswire-FirstCall/ -- AerCap Holdings N.V. ("AerCap," NYSE: AER) today announced that, in a joint venture with the Deucalion Aviation Funds, (advised and managed by DVB Bank AG), it has signed an agreement with TUI Travel PLC ("TUI Travel"), a FTSE 100 company, for the acquisition of a 19-aircraft portfolio, including 11 Next Generation Boeing 737-800 aircraft. Calyon, Deutsche Bank AG, HSH Nordbank AG, and KfW IPEX-Bank GmbH have underwritten secured debt in respect of these aircraft.
After the closing of the purchase from TUI Travel, AerCap will have expanded its fleet of Next Generation Boeing 737 aircraft to 18 over the last two years, thereby significantly increasing the number of modern, fuel-efficient aircraft in its fleet.
The aircraft will be acquired through a 50/50 joint venture with Deucalion and will be managed by AerCap. The joint venture will pay AerCap servicing fees for the management of the aircraft. Coincident with the acquisition, the joint venture will lease the aircraft back to their current operators, which are all airline subsidiaries of TUI Travel (HapagFly, Thomsonfly, TUI Fly Nordic, and Jet4You). All of the leases are guaranteed by TUI Travel PLC.
In addition to the eleven Boeing 737-800s, the 19-aircraft portfolio consists of six Boeing 757-200s and two Boeing 767-300ER aircraft.
"With this major acquisition of Boeing 737-800 aircraft, AerCap has strengthened its portfolio and continued to optimize its fleet with young, fuel-efficient equipment which remain in strong demand in the current high fuel price environment. In addition AerCap is very pleased to welcome TUI Travel, a leading international leisure travel group, to our global customer base," said Klaus Heinemann, Chief Executive Officer of AerCap.
"We arranged the debt financing for the TUI Travel transaction outside our already available lines of credit and we are very pleased to have sourced equity for the transaction with a strong partner like DVB Bank," said Keith Helming, Chief Financial Officer of AerCap. |
