American Airlines to lease 35 new B737s
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American Airlines has entered into a sale and leaseback arrangement with AerCap, the aircraft leasing company, to finance up to 35 Boeing 737-800 Next Generation aircraft, including 29 firm deliveries. Of the 29 firm deliveries, 26 are previously ordered aircraft and three are newly-ordered aircraft. The arrangement also covers six B737-800NGs subject to purchase rights that, if exercised by American, would be scheduled for delivery in 2013-2014.
AerCap will purchase the aircraft from American and immediately lease the aircraft back to the airline under a sale-leaseback financing arrangement.
“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’s 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,” added Aengus Kelly, Chief Executive Officer of AerCap.
American is scheduled to receive 15 B737-800NGs this year followed by 28 in 2012 and 14 in 2013.
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