TUI Travel closes 787 sale and leaseback with GECAS

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TUI Travel has financed a new Boeing 787-8 delivery through a sale-and-leaseback transaction with operating lessor GECAS.

The aircraft, MSN 36427, was delivered to Dutch leisure carrier subsidiary Arkefly.

It is part of a two-aircraft deal with GECAS. Another 787 is scheduled to deliver next month to UK-based subsidiary Thomson Airways.

TUI Travel has previously financed four Thomson Airways 787 deliveries through the sale-and-leaseback market.

Its first two aircraft, which delivered in May 2013, were acquired by operating lessor BBAM under sale-and-leaseback deals.

A third 787 was sold to MC Aviation Partners in June, while the fourth aircraft was acquired by Orix Aviation.

A December 2013 delivery to Belgium-based carrier Jetairfly was financed in the Japanese operating lease with call option (JOLCO) market, with DVB Bank and SMBC.

Amsterdam-based Arkefly will deploy the General Electric GEnx-powered twinjet for transatlantic flights to the Caribbean islands of Aruba, Bonair and Curacao.

TUI has ordered 15 787s in total. Arkefly is due to receive a second 787 in December and another aircraft in May 2015. Thomson Airways is scheduled to take another aircraft in July 2015, while the remaining aircraft are to be handed over to TUI Travel in 2016.