PURCHASE OF AN A320-200 AND FINANCING

RNS Number : 8097B

Capital Lease Aviation PLC

09 October 2015

 

RNS: CLA                                                                                                                                              October 9, 2015

CAPITAL LEASE AVIATION PLC

("CLA" or "the Company")

PURCHASE OF AN A320-200 and FINANCING

Capital Lease Aviation Plc (LSE: CLA), the commercial passenger aircraft leasing company, announces that it has entered in to a conditional sale and purchase agreement to acquire an Airbus A320-200  for approximately $34.25m  (the "Transaction").  

Subject to completion the Transaction will be funded by CLA's cash alongside bank debt finance of $25m. Bank finance has been successfully secured from a bank conditional on completion. Completion is subject to typical conditions such as airline novation of the lease terms. The overall Transaction and financing is expected to take place by 31 December 2015.  On completion of the Transaction, the CLA group will own four 'A320 family' aircraft.

The particular Aircraft is six years old.  Assuming completion occurs prior to the end of the calendar year, the average life of the aircraft in the Company's portfolio as at 31 December 2015 will be 11.5 years (it was 12.7 years at 30 June 2015), and the average remaining lease duration will be 4.6 years (it was 4.8 years at 30 June 2015).

Commenting on the Transaction, Jeff Chatfield, Executive Chairman, said: "We are pleased with the agreement to acquire an additional A320-200 in CLA, which is on lease and is supported with cash maintenance reserves. The acquisition of the Aircraft is another desirable growth opportunity for the Company and fits well within CLA's investment criteria."     

-ENDS-

More information on Capital Lease Aviation can be seen at: http://www.cl-aviation.com/

Enquiries:

Capital Lease Aviation PLC - Jeff Chatfield, Executive Chairman                                                    [phone]

Nominated Advisor - James Joyce / WH Ireland                                                                                [phone]

Blytheweigh - Tim Blythe / Wendy Haowei / Fergus Lane                                                               [phone]

 

END

 

 

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