USD24m PDP financing facility

RNS Number : 3028G

Avation PLC

03 March 2015

 

 AVAP: LSE                                                                                                                                          March 3, 2015

AVATION PLC

("AVAP" or "the Company")

US$ 24m PDP financing facility for two new Airbus A321-200's for 2016 deliveries

Avation PLC (AVAP: LSE), the commercial passenger aircraft leasing company announces that it has been successful in securing a $16m Pre Delivery Payment "PDP" finance facility from a major European Bank.  The use of funds is to finance PDPs for two new Airbus A321-200'S which will be delivered in February and March 2016.

Salient terms of the transactions include:

·     The first PDP financing program conducted by the Company;

·     The Company has already invested US$ 8.2m in the aircraft transaction;

·     A further additional US$ 16m PDP facility has been provided by major European Bank; and

·     The aircraft will be leased to Thomas Cook for a period of 12 years.

The Company has entered into a Sale and Leaseback transaction with Thomas Cook for the purchase of the aircraft new at delivery in Feb / March 2016 and the lease of these aircraft to Thomas Cook for 12 years.

Jeff Chatfield, Executive Chairman, said: "We continually seek to acquire aircraft with a wide range of finance solutions.  The establishment of the PDP finance program provided by the company with  the assistance of a major European Bank, is another important step in the group's fleet expansion program."

-ENDS-

More information on Avation can be seen at: www.avation.net

Enquiries:

Avation PLC - Jeff Chatfield Executive Chairman                                                                              [phone]

WH Ireland - Harry Ansell / James Joyce                                                                                            [phone]

Blytheweigh - Tim Blythe / Eleanor Parry                                                                                          [phone]

 

END

 

 

MSCJTMFTMBAMBRA