Regional aircraft leasing specialist TrueNoord has leased five new ATR 72-600s to InterGlobe Aviation Limited (IndiGo). The first two aircraft were delivered at the end of December with the remaining three integrating with the fleet in the coming months.
Financing was provided under TrueNoord’s recent term loan warehouse facility supported by Morgan Stanley, NORD/LB Norddeutsche Landesbank and Barclays. Hogan Lovells advised TrueNoord on the transaction and Norton Rose Fulbright for IndiGo. Milbank, Tweed, Hadley & McCloy LLP represented TrueNoord and Clifford Chance advised the banks on the financing side of the transaction.
Anne-Bart Tieleman, CEO – TrueNoord, commented: “These brand new ATR 72-600s delivered to IndiGo are the first regional aircraft delivered into India by TrueNoord, so it is an important milestone for us. They bring our portfolio of new ATRs to nine and will increase our fleet of regional aircraft to 34. The past few months have been exciting times for TrueNoord as we concentrate on our long term strategy and continue to expand our strong portfolio of young regional aircraft with a good global spread and leased to experienced, market leading operators. We are very proud to support IndiGo’s domestic operation which is going from strength to strength.”
TrueNoord is expanding its leased fleet presence across Asia and this latest deal for five new ATRs follows the recent purchase of four new ATR 72-600s leased to Wings Air in Indonesia in November, and two Embraer E190 regional aircraft operated by Mandarin Airlines in May last year.
Tieleman continues “India relies on regional air transport to do business, connect to education, healthcare, and support families – especially in far-flung areas of the country – and IndiGo delivers this vital access. TrueNoord are committed to the provision of dependable, modern aircraft that enable regional airlines to provide these essential services. We doubled our team in 2018 and are on course to further grow our fleet in 2019.”
Date: Feb 1, 2019