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Irish Aircraft Leasing Newsletter 2 July

Irish Aircraft Leasing Newsletter 2 July

DAE takes delivery of its first Boeing 737 MAX aircraft

Dubai Aerospace Enterprise (DAE) Ltd. announced that its leasing division, DAE Capital has taken delivery of its first new Boeing 737 MAX 8 aircraft on lease to Gol Linhas Aéreas, Brazil’s largest airline by passengers carried. The transaction is part of a five-aircraft purchase-leaseback transaction with GOL. The remaining four MAX aircraft will be delivered to GOL throughout 2018.

FPG and FPG Amentum arrange the acquisition of two Vueling A320-200s for investor customers

FPG and FPG Amentum announced 21 June the acquisition of two Airbus A320-200s. The aircraft were acquired from another lessor and are on lease to Vueling Airlines.

GECAS and Novus Announce Senior and Mezzanine Debt Financing Agreement with Philippine Airlines

GECAS together with Novus Aviation Capital announced 28 June a debt financing agreement with Philippine Airlines (PAL). PK AirFinance, a GECAS company, will provide senior debt for the acquisition of four (4) 2018 Airbus A321-200neos, while Novus’ Tamweel Aviation Finance, a junior debt fund dedicated to the financing of Airbus aircraft, will extend a mezzanine loan for each aircraft. The loan will finance PAL’s acquisition of the aircraft and spare engine, part of the airline’s strategy to grow its medium-range routes while modernizing its fleet. The first aircraft was delivered in May with the remaining three scheduled to deliver before the end of 2018.

GECAS and Oz Management Close STARR 2018-1

GECAS and Oz Management announced 27 June the closing of STARR 2018-1. Operating as START Ltd., this closing marks the first aircraft portfolio purchase vehicle structure to include a dedicated Asset Manager for equity investors. In this transaction GECAS is selling a portfolio of aircraft to Start Ltd, which is financing its acquisition through issuance of 144A debt and equity. The sales are subject to typical conditions precedent including any regulatory approvals that may be necessary. GECAS will continue to service the portfolio and an affiliate of Oz will serve as an Asset Manager. The diversified portfolio is comprised of 24 in-production Boeing and Airbus aircraft on lease to 16 global airlines in 15 countries, with a total appraised value of approximately $700mn.

NAC delivered one ATR 72-500, MSN 782, to Israir Airlines on lease

Nordic Aviation Capital (NAC) confirmed 20 June that it has delivered one ATR 72-500, MSN 782, to Israir Airlines on lease.

NAC delivered one Bombardier DHC8-400, MSN 4190, to 748 Air Services on lease

Nordic Aviation Capital (NAC) confirmed 27 June it has delivered one Bombardier DHC8-400, MSN 4190, to 748 Air Services on lease.

PSP Investments and ATL Partners Announce the Sale of Sky Aviation Leasing International Limited to Goshawk Aviation Limited

The Public Sector Pension Investment Board (PSP Investments) and ATL Partners (ATL) announced today that their jointly owned portfolio company, Sky Aviation Leasing International L.P. (SKY Leasing), has entered into a definitive agreement to sell Sky Aviation Leasing International Limited (SALI), an Irish subsidiary of SKY Leasing, to Goshawk Aviation Limited (Goshawk), an aircraft leasing company owned by Chow Tai Fook Enterprises Limited and NWS Holdings Limited. “I want to thank the team at SALI for having done an outstanding job in building SKY Leasing as a leading full-service aircraft lessor,” said Richard Wiley, CEO of SKY Leasing. “The key to our aircraft fleet growth has been the important airline relationships in combination with the long-term support of leading financial institutions. I have also enjoyed working with our shareholders, ATL and PSP, who have helped us build this business together.” The transaction is subject to customary regulatory and closing conditions and is expected to be completed in the third quarter of 2018.

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