Thursday, December 1, 2016

SAS Scandinavian Airlines executes leaseback on more aircraft

SAS Scandinavian Airlines has secured financing of five Airbus A320neos through a sale and leaseback agreement with Jackson Square Aviation.

The aircraft will be delivered between the end of this year and 2018. As the aircraft are delivered to the tri-national Scandinavian carrier, they will be sold to Jackson Square and then leased back on a long-term lease.

This latest agreement means SAS has now agreed on financing of seven Airbus A320neo from its order for 30 aircraft of the type. SAS has also agreed on letters of intent regarding the financing of a further 11 A320neos.

The move comes less than a month after another SAS deal for Airbus A319s and Boeing 737s as part of a refinancing package.

As part of the airline’s focus on optimizing its capital structure and reducing financing costs, it agreed to refinance two 737s and four A319s with a credit facility of $75 million from backers including Standard Chartered Bank and Norddeutsche Landesbank. The facility matures in January 2023.

The aircraft will be refinanced in the period until January 2018 and were previously financed through lease agreements.

As part of that transaction, SAS also entered into a sale and leaseback transaction with Standard Chartered for the first two Airbus A320neos delivered with CFM LEAP-1A engines during 2016, with a lease period of 10 years.

(Alan Dron - ATWOnline News)

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