25 Apr 2025
#4 April 2025: North American Aviation Newsletter
Azorra Delivers First Embraer E195-E2 to Hunnu Air in Mongolia
Azorra has delivered the first of two Embraer E195-E2 aircraft to Hunnu Air, marking the type’s debut in Mongolia. The aircraft, sourced from Azorra’s firm Embraer orderbook, will support the airline’s fleet expansion and regional growth strategy across the Asia-Pacific. CEO John Evans highlighted the E195-E2’s role in delivering fuel efficiency, operating cost reductions, and market flexibility for emerging carriers.
MUFG Provides $75 Million Credit Facility to Sun Country Airlines
Mitsubishi UFJ Financial Group (MUFG) has closed a $75 million revolving credit facility for Sun Country Airlines, replacing an existing $25 million RCF. The financing—arranged with SMBC as co-lead—will enhance Sun Country’s liquidity for general corporate use, secured by a combination of aircraft, engines, parts, receivables, and cash. MUFG’s Head of Aviation Originations, Benoist de Vimal, praised the transaction as a relationship-building step in supporting the carrier’s growth needs.
Phoenix Aviation Capital & AIP Capital Secure $300 Million PDP Financing
Phoenix Aviation Capital, in partnership with AIP Capital, has closed a $300 million Pre-Delivery Payment (PDP) facility for its orderbook of 30 Boeing 737 MAX-8s. The deal includes $175 million in immediate funding and a $125 million accordion, arranged by Natixis CIB, which also structured a previous engine financing deal for Phoenix in 2024. AIP’s Mathew Adamo called the deal a strategic step in building a global portfolio of new-generation leased aircraft.
Acumen’s Take
On Azorra’s E195-E2 Delivery to Hunnu Air
This marks a notable milestone for both Azorra and Hunnu Air, as the E195-E2’s entry into Mongolia represents a new phase in the country’s commercial aviation evolution. It also reinforces Azorra’s positioning as a leading regional jet lessor in high-growth markets.
On MUFG’s Financing for Sun Country Airlines
The upsize to a $75 million revolving credit facility reflects growing lender confidence in Sun Country’s hybrid ULCC model. The flexible use of collateral and increase in liquidity underscores the renewed strength of aviation credit markets for U.S. mid-sized carriers.
On Phoenix & AIP’s PDP Facility with Natixis
This PDP facility signals strong momentum for next-gen aircraft investments, particularly the 737 MAX. The deal reflects robust investor appetite for narrowbody assets, and shows Phoenix and AIP’s strategic push to build a scalable leasing platform with global reach.
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