Avolon closes financing on 737-800 for American lease

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

Avolon Aerospace Leasing has closed financing on the first of six Boeing aircraft acquired under sale and leaseback transactions from American Airlines.

The lessor used its existing debt facilities for the first aircraft, a Boeing 737-800, MSN 33318.

The deal includes four more 737-800s and one 777-300ER to be delivered through March 2013. American Airlines will receive one aircraft a month under the terms of the transaction.

American selected Avolon due to the "net proceeds to be received for the aircraft, the proposed lease terms and other economic terms" that it offered carrier, according to a court filing on 4 October.

The Fort Worth-based carrier has received court approval and closed sale-leasebacks for 11 737-800s with AerCap since filing for bankruptcy in November 2011, according to the filing. It has also closed a number of sale and leasebacks with International Lease Finance Corporation for 737 aircraft.