Singapore-based aircraft leaser BOC Aviation has entered into its first purchase and leaseback agreement for Embraer aircraft.
The transaction, which was signed last month with Brazilian airline Azul, is for four E195 aircraft.
The aircraft, two of which have been delivered and the remaining two scheduled for delivery by the second quarter of 2012, will be on long-term lease to the airline.
"Azul is accelerating our network and fleet growth due to immense opportunities in the Brazilian market. This transaction with BOC Aviation gives us operational and financial flexibility in the management of our fleet," said Azul board chairman David Neeleman.
BOC Aviation announced last month that it will purchase 15 E190 aircraft, with deliveries scheduled to start in the fourth quarter of 2012 and run through 2014.