Copa Airlines will fund eight Boeing narrowbodies delivering this year with Japanese operating leases with call option.

The Panama-based carrier has mandated MUFG to arrange a $400 million JOLCO facility which will fund the eight Boeing 737 Max 9s, the first of which delivered on 22 February. The Japanese bank is also acting as facility agent.

Nomura Babcock and Brown is underwriting the equity for the transaction.

Copa, which is not stranger to the JOLCO market, first revealed that it would use JOLCOs to fund eight 2019 deliveries in October.

The airline has funded at least 14 aircraft using the structure since 2014.

"They've been great for us," Jose Montero, chief financial officer of Copa said in October about JOLCOs. "They've allowed us to get great capital."

Source: Cirium Dashboard