Posted on: 09 October 2019 by Kimberley Young
Chorus Aviation Capital has acquired two ATR 72-600 aircraft on lease to Malindo Air, the Malaysian operator that forms part of the Lion Air Group.
Earlier this year CAC delivered two new ATR 72-600 aircraft for lease to Malindo Air, bringing the total number of aircraft leased by CAC to the Lion Air Group to five.
“We are delighted to expand our relationship with Malindo Air and the Lion Air Group in the fast-growing and increasingly significant Southeast Asian market,” said Steve Ridolfi, President, Chorus Aviation Capital. “So far this year, we’ve secured lease commitments for 24 aircraft and continue to evaluate several additional opportunities. To date, we’ve grown the value of our leasing portfolio to approximately US $1.1 billion with US $815.0 million in future contract lease revenue.”
With these acquisitions, Chorus Aviation Capital said it has announced 58 commitments to date for its regional aircraft leasing business.
“This solid growth trajectory has led to a very strong portfolio of brand name regional airlines with aircraft type and geographic diversity,” commented Joe Randell, President and Chief Executive Officer, Chorus. “Since the launch of the business, we have grown the regional aircraft leasing segment by an average of approximately 20 aircraft per year. In the near term, we have the capacity to continue with a similar rate of growth through a combination of additional debt and internally generated cash flows to fund the equity portion of the aircraft acquisitions.”
On the completion of this transaction, and four pending aircraft deliveries to other customers, CAC’s portfolio will include 46 turboprops and 12 regional jets.