Option For One More, $708 Million At List Prices

Boeing announced Tuesday that US-based aviation investment firm Guggenheim Aviation Partners, LLC (GAP), acting on behalf of one of its investment funds, has ordered three Boeing 777 Freighters. GAP also has an option to purchase one additional airplane.

At list prices, the order is valued at approximately $708 million. Delivery of the 777 Freighters will begin in 2009. The order was previously accounted for on Boeing's Orders and Deliveries web site and attributed to an unidentified customer.

"Guggenheim Aviation Partners is pleased to add the highly capable and efficient Boeing 777 Freighter to our growing fleet," said Stephen Rimmer, Executive Officer of GAP. "The 777 Freighter is an ideal complement to our current and future 747 Freighter fleet and has unique capabilities that supplement and extend our leasing strategy."

"Guggenheim Aviation Partners joins a rapidly growing list of customers who are finding value in the efficiency and market receptiveness of the Boeing 777 Freighter, one of the fastest selling cargo airplanes in Boeing history," said John Feren, vice president of Sales, Boeing Commercial Airplanes. "We are pleased that Guggenheim will begin offering the world's largest and most capable twin-engine freighter as another excellent cargo solution for their customers."

Investment funds managed by GAP currently own a fleet of 31 Boeing aircraft. In addition to those airplanes, the funds placed orders for six 747-400ER (Extended Range) Freighters in June 2005 and four 747-8 Freighters in September 2006.

Based on the 777-200LR Worldliner passenger airplane, the Boeing 777 Freighter, with a revenue payload capability of 229,000 pounds (103 metric tonnes) and a range of 4,885 nautical miles (9,047 km), provides the lowest trip cost of any large freighter.

Boeing says the 777 Freighter will have unmatched capacity for a twin-engine freighter and is designed to facilitate easy interlining with the Boeing 747 Freighter, the world's most popular cargo airplane. Both models are capable of 10-foot-high loads and load densities up to about 10 pounds per cubic foot (160 kg per cubic meter).

Boeing provides over 90 percent of the total worldwide dedicated freighter capacity. The company estimates that global air cargo will grow by an average 6.1 percent over the next 20 years.

Over the life of the 777 program, 47 customers worldwide have placed 887 orders for all versions of the 777. Since its launch in 2005, the 777 Freighter program has won orders for 49 aircraft from seven customers.

FMI: www.boeing.com, www.guggenheimpartners.com/