Air Nostrum taps KG market for up to seven CRJ1000s

London
Source: Flightglobal.com
This story is sourced from Flightglobal.com

Air Nostrum has mandated financing for a second batch of Bombardier CRJ1000s that are scheduled for delivery over the next 16 months.

The Spanish regional carrier will fund the acquisitions through a 10-year sale and leaseback using a German KG structure, which will provide the debt and equity.

Air Nostrum secured financing on the first three CRJ1000s that are planned to deliver in the final quarter of this year. In 2012, the carrier is scheduled to take delivery of four additional aircraft, which are part of the mandate as 'optional'.

The transaction, currently in documentation, is expected to close along with the first delivery in the final week of October. A second aircraft is scheduled for the end of November while the third CRJ1000 is scheduled for mid-December.

Air Nostrum already operates five CRJ1000s, which were financed through a Spanish Operating Lease structure arranged by Banco Santander early this year. The transaction was structured as a 10-year sale and leaseback covering the aircraft received in December 2010 and January 2011.

The CRJ1000 programme has sold a total of 49 units: 35 for Air Nostrum and 14 for Britair. In 2013-early 2014, Air Nostrum will take another seven aircraft as it plans are to operate a 20-aircraft fleet.