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Aeromexico agrees to JOLCOs for three 787s

Updated with the names of the lenders

Aeromexico has agreed to Japanese operating lease with call option (JOLCO) financing structures for three Boeing 787-9s, says chief financial officer Ricardo Sanchez Baker.

The first transaction closed with the delivery of the SkyTeam Alliance carrier’s first 787-9 (registered XA-ADL and MSN 43859) earlier in October and the remaining two will occur upon delivery of two more 787s in the “next couple of months”, he says during a quarterly earnings call today.

Aeromexico is scheduled to receive one more 787-9 leased from ALC this year and two from its own orderbook in 2017, the Flight Fleets Analyzer shows.

On the JOLCO structure, Sanchez says it provided both a “cost effective” source of aircraft financing while at the same time helped diversify its sources of financing.

“We are the first airline in Mexico to access this structure and the first in Latin America [to do so] for widebody aircraft,” he says.

Nomura Babcock & Brown and SMBC provided the JOLCOs, says Sanchez.

Aeromexico leased all but two of its nine 787-8s, with the remaining two financed with US Export-Import Bank (Ex-Im) guaranteed commercial bank debt, the Flight Fleets Analyzer shows.

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