AVATION PLC — Capital/Financing Update 2016

Feb 26, 2016

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RNS Number : 1819Q

Avation PLC

26 February 2016

AVATION PLC

("Avation" or "the Company")

DELIVERY OF NEW AIRBUS A321

Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company announces the successful completion of the delivery of a new Airbus A321-200 aircraft to Thomas Cook Airlines Limited.  This aircraft is the Company's first delivery of a new Airbus aircraft direct from the Airbus facility in Hamburg, Germany.

The lease is 12 year operating lease and the terms are typical for an aircraft of this type. The Company has secured an asset backed senior debt facility with a new banker to the Company to support the acquisition. The aircraft was delivered on schedule. In the period prior to delivery the Company had provided pre-delivery finance payments for the aircraft purchase.   

The aircraft is an Airbus A321-200 equipped with CFM International CFM56-5B3/3 engines, seating 220 passengers and it will be employed by Thomas Cook Airlines Limited. Thomas Cook Airlines Limited is part of Thomas Cook Group Airlines which serve international destinations from multiple bases in Europe

The Company's Chairman, Jeff Chatfield commented that "Avation is pleased to deliver this new Airbus A321 to Thomas Cook Airlines Limited on a 12 year lease. This brings Avation's current fleet of owned aircraft to 35. The Company has been a lessor to Thomas Cook for nine years and we are grateful for their continued confidence and custom. We are also pleased time to be taking ownership of a factory new aircraft from Airbus."

-ENDS-

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

Enquiries:

Avation Jeff Chatfield, Executive Chairman		T: +65 6252 2077

Notes to Editors:

Avation PLC

Avation PLC is a commercial passenger aircraft leasing company owning and managing a fleet of jet and turbo prop aircraft which it leases to airlines across the world.  The Company's customers include Thomas Cook, Air France, Condor, Air Berlin, Virgin Australia, Fiji Airways and UNI Air.  

 

This information is provided by RNS

The company news service from the London Stock Exchange

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