American announces sale-leaseback of 737-800s with AerCap

Washington DC
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American Airlines has announced a sale-leaseback arrangement with AerCap covering up to 35 future deliveries of Boeing 737-800 aircraft.

Under the new agreement, American will receive financing for up to 35 737s. The carrier currently has firm orders for 29 of these aircraft, and in revealing the AerCap deal disclosed that 26 have been delivered, and three new orders have been added to its backlog.

The arrangement with AerCap also includes six 737-800 purchase rights held by American for delivery in 2013 and 2014 if they are exercised.

American also announced its 737-800 delivery schedule as of 1 July. The carrier will receive a total of 15 737-800s this year, and has already started taking delivery of these aircraft, including the delivery of its first aircraft equipped with Boeing's Sky Interior on 24 May. The airline will then receive 28 737-800s in 2012.

The airline's 2011 and 2012 deliveries appear to be unchanged. In a filing with the US regulators, American had previously said that as of 31 March it had "15 Boeing 737-800 aircraft purchase commitments for the remainder of 2011 and 28 Boeing 737-800 aircraft purchase commitments in 2012".

The delivery schedule for 2013, however, appears to differ from previous disclosures from American. The airline said today that it expects to receive and 14 737-800s in 2013. It had previously said that it "had firm commitments for eleven Boeing 737-800 aircraft and seven Boeing 777-200ER aircraft scheduled to be delivered in 2013 through 2016".

According to American parent company's AMR 2010 annual report, the company generated nearly $1.41 billion in financing cash flow last year from sale leaseback transactions. In addition, the company generated $125 million in cash flow from sale leasebacks during the first quarter of 2011.

In 2009 American had announced it had "received a commitment for $1.6 billion in sale-leaseback financing from GECAS covering previously ordered 737s" set for delivery in 2010 and 2011.