Plan Covers At Least 10 Jets

AerCap Holdings announced Monday that it has signed letters of intent with Virgin Atlantic Airways for the purchase and leaseback of six Airbus A330-300s that Virgin Atlantic has on order with Airbus. In addition, AerCap will lease four Airbus A330-300 aircraft to Virgin Atlantic from its own A330 order.

The lease terms for all aircraft are twelve years and deliveries are scheduled for 2011 and 2012. Virgin Atlantic has not yet selected the engine type.

AerCap expects to finance the six new aircraft purchases under its existing funding facilities. The four aircraft for direct lease to Virgin Atlantic were the only remaining positions from AerCap's order of thirty Airbus A330s placed in 2006/2007.

Steve Ridgway, CEO of Virgin Atlantic, said: "This order shows we are confident about our future growth. AerCap has helped make this deal a reality against the backdrop of unprecedented financial turmoil. We look forward to working with the AerCap team again."

Soeren Ferre, CEO of AerCap Group Services B.V., said of the deal: "We are very pleased with this ten-aircraft-deal with Virgin Atlantic Airways as one of the world's premier long haul airlines. With the transaction coinciding with Virgin Atlantic's 25th birthday this year and representing the completion of AerCap's A330 order placements, there is good reason to celebrate for both parties. We expect to close the final negotiations with Virgin Atlantic shortly and, above all, wish them a very Happy Birthday."

FMI: www.aercap.com