Lessor Avation secures ATR 72 debt facility

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

Singapore-based Avation has committed funding for this year's new ATR 72-600 deliveries to Australian regional carrier Skywest Airlines.

The operating lessor says it has secured $82 million in senior debt covering five aircraft.

Another seven ATR 72-600s are due in 2014 and Avation says it is "well positioned" to obtain access to the necessary debt for the purchase of more aircraft for 2014 and beyond.

The aircraft are leased to Skywest Airlines for an initial period of 10 years, which in turn wet-leases them to Virgin Australia.

Last year Avation mandated Crédit Agricole Corporate & Investment Bank and KfW IPEX-Bank on its first four ATR 72-600s. The banks arranged a 10-year export credit agency- guaranteed loan and jointly acted as lender in the facilities.

The lessor has a total of 12 ATR 72-600s on backlog along with 10 options and 17 purchase rights.