GARUDA INDONESIA IN SALES AND LEASE BACK AGREEMENT WITH SC THROUGH PEMBROKE ARM

PT Garuda Indonesia (Persero) and Standard Chartered Bank have closed a sale and leaseback agreements for four Boeing 737-800s. The bank assisted the airline in acquiring and leasing the aircraft through Pembroke Group Limited, the former’s aircraft leasing, financing and management subsidiary. Following the successful closing of the first transaction, the airline has awarded Standard Chartered a second sale and leaseback mandate for six Boeing 737-800s. The aircraft are scheduled to be delivered from December 2011 through to May 2012. All 10 aircraft are part of a 25 737-800 aircraft order that Garuda Indonesia placed with manufacturer, Boeing.