Marks Leasing Company's Entry Into The U.S. Market

Republic Airways, the regional airline operating as American Eagle, Delta Connection and United Express in the U.S., has leased six Embraer 170s from regional aircraft lessor TrueNoord. These aircraft have been operating with Republic Airways since 2005 and have now been purchased by TrueNoord with leases attached from GA Telesis. This is TrueNoord’s first fleet deal in North America.

Financing was provided under a bilateral term loan facility supported by Erste Bank. Pillsbury, Winthrop, Shaw, Pittman LLP advised TrueNoord on the transaction.

In closing this milestone deal, TrueNoord adds a new aircraft type to its portfolio and increases their E-Jet fleet to 28, of which six are Embraer E170s, and the total fleet to 41 including 12 turboprops.

"This marks TrueNoord’s first investment in aircraft flying across the US. Our experienced in-house technical, asset management, legal and financial teams work closely with customers across all global jurisdictions to originate, administer and close transactions," said Anne-Bart Tieleman, CEO – TrueNoord. "This deal represents a significant development for the Company and sees us firmly establish a global footprint with our regional aircraft portfolio that now spans operators across Europe, the Americas and Asia.”

"As a specialist lessor of regional aircraft, acquiring six Embraer E170s on lease to a leading operator like Republic Airways denotes a positive start to our North American business," said Garry Topp, Sales Director – TrueNoord, responsible for the Americas. "It is rewarding to see our exposure growing as these aircraft join the fleet that we already own and lease out in Latin America.”

"Republic operates the world’s largest fleet of Embraer regional jets so we welcome TrueNoord as a specialist regional lessor partner," said Republic Airways CFO Joe Allman. "This is a new commercial relationship and we look forward to working with their experienced and professional team.”

(Source: TrueNoord news release. Image from file)

FMI: www.truenoord.com