SALE LEASEBACKS CLOSED FOR FLYDUBAI

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By TESTCustomwebLP TESTCustomwebLP November 4, 2010 14:41

SALE LEASEBACKS CLOSED FOR FLYDUBAI

Dubai’s low cost airline flydubai has closed sale and leaseback agreements deals on four Boeing 737-800 NGs with Avolon.

The move follows earlier similarly structured deals with Gecas and BBAM to finance nine aircraft. Flydubai has now completed its financing arrangement, a total of value of more than $1 billion, until December next year.

“We are delighted to be able to enter into this partnership with Avolon today,” says Ghaith AlGhaith, CEO of flydubai. “Like flydubai, Avolon is a young, ambitious, dynamic company and we look forward to a long and successful relationship with them.”

AlGhaith says the success of its financing arrangements shows “the international financing community views flydubai and Dubai itself as a good investment for the future”.

John Higgins, Avolon President and Chief Commercial Officer, says: “We are delighted that flydubai has selected Avolon as a partner in its fleet development plans. A key element of Avolon’s strategy is to identify airlines that are long-term “winners” and to back them in scale. Our team are uniquely experienced in structuring large and innovative sale and lease-back financings and we look forward to further developing our relationship with flydubai and our presence in the Gulf over the coming years.”

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By TESTCustomwebLP TESTCustomwebLP November 4, 2010 14:41
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