Lease Financing Includes Aircraft, Simulators

Aircraft leasing firm Boston Aviation Leasing announced this week it has closed an $8.75 million operating lease financing facility with Delta Connection Academy of Sanford, FL. The transaction includes 34 new Cirrus SR20 training aircraft, and six Aerosim flight training devices. Additional funding for 16 SR20s as well as seven advanced Aerosim flight training devices is anticipated for 2008.

The total anticipated lease financing package will exceed $14 million, according to the company.

"We are excited to provide the funding for such a premier flight training organization and believe the future of flight training is headed in the direction of increased utilization of technically advanced aircraft such as the Cirrus and the Aerosim flight training devices," said Brad Rosse, Managing Director of Boston Aviation Leasing. "Lease financing is an ideal solution to rapidly growing flight schools such as Delta Connection Academy, as it enables flight schools to use their cash for operations as opposed to capital expenditures on aircraft and simulators."

Boston Aviation Leasing acted as a principal in the transaction, employing its own equity and financial guarantees and utilizing its banking facilities provided by Sovereign Bank. The 34 aircraft add to Boston Aviation Leasing’s existing portfolio of training aircraft leased to flight schools.

Prior transactions have included Pan Am International Flight Academy, AirShares Elite and other individual and institutional aircraft owners.

As ANN reported, last week Delta Connection Academy held its grand opening for the new 27,000-square foot Sanford facility.

FMI: www.bostonaviationleasing.com, www.deltaconnectionacademy.com