TUI Travel closes JOLCO financing on 787

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TUI Travel has financed a new Boeing 787-8 aircraft with a Japanese operating lease with call option (JOLCO) structure in a deal arranged by DVB Bank and SMBC.

The equity portion of the JOLCO was underwritten by Yamasa, while the debt portion was provided by both banks, confirms TUI Travel.

The aircraft (MSN 34425) was delivered to Belgium-based carrier JetairFly on 2 December.

The 787 is the TUI Travel’s fifth delivery. The group has also completed sale and leaseback financings on four aircraft for UK-based subsidiary Thomson Airways.

The first two aircraft, which delivered in May this year, 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.

TUI Travel has also mandated GECAS for the sale and leaseback of two deliveries scheduled in May and June 2014.