American Airlines Enters Into Sale-Leaseback Arrangement With AerCap
- to Finance up to 35 Boeing 737-800 Next Generation Aircraft
AerCap will purchase the aircraft from American and immediately lease the aircraft back to American under a sale-leaseback financing arrangement.
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"We are pleased to significantly expand our relationship with AerCap and diversify our financing strategies. This arrangement is a great reflection of the flexibility we have to efficiently raise capital in support of AMR's strategic fleet renewal efforts," said AMR Chief Financial Officer Bella Goren.
"With this major aircraft transaction, we will deepen our relationship with one of the world's leading airlines. Furthermore, this transaction will materially increase the number of Boeing 737-800 aircraft in our portfolio, one of the most in-demand and fuel-efficient aircraft in the world," said Aengus Kelly, Chief Executive Officer of AerCap.
Updating its previously announced fleet schedule, American has exercised an option to purchase three additional 737-800 Next Generation aircraft. As of July 1, 2011, American's Boeing 737-800 delivery schedule was: 2011: 15, 2012: 28, 2013: 14
The financing of each aircraft under this arrangement will be subject to certain terms and conditions.
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Source : American Airlines