Tue, Jul 19, 2011
Will Finance Up To 35 Boeing 737-800 Next Generation
AerCap has entered into a purchase-leaseback arrangement with
American Airlines to finance up to 35 Boeing 737-800 Next
Generation aircraft, including 29 firm deliveries, scheduled to be
delivered to American. Of the 29 firm deliveries, 26 are previously
ordered aircraft and three are newly ordered aircraft. The
arrangement also covers six Boeing 737-800 Next Generation aircraft
subject to purchase rights that, if exercised by American, would be
scheduled for delivery in 2013 - 2014.
AerCap will purchase the aircraft from American and immediately
lease the aircraft back to American under a purchase-leaseback
"We are pleased to significantly expand our relationship with
AerCap and diversify our financing strategies. This arrangement is
a great reflection of the flexibility we have to efficiently raise
capital in support of AMR's strategic fleet renewal efforts," said
AMR Chief Financial Officer Bella Goren, in a news release Friday.
"With this major aircraft transaction we will deepen our
relationship with one of the world's leading airlines.
Furthermore, this transaction will materially increase the number
of Boeing 737-800 aircraft in our portfolio, one of the most
in-demand and fuel-efficient aircraft in the world," said Aengus
Kelly, Chief Executive Officer of AerCap.
Updating its previously announced fleet schedule, American has
exercised an option to purchase three additional 737-800 Next
Generation aircraft. As of July 1, 2011, American's Boeing 737-800
delivery schedule was: 2011: 15, 2012: 28, 2013: 14.
The financing of each aircraft under this arrangement will be
subject to certain terms and conditions.
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