Flybe closes sale–leaseback with Nordic Aviation Capital

Flybe has closed a sale and leaseback transaction with Nordic Aviation Capital for four Bombardier Q400 aircraft recently delivered new.

The value of the transaction is approximately $100-million at list prices and senior debt was provided by Export Development Canada.

Flybe currently operates a fleet of 68 aircraft, including 54 Bombardier Q400s with a further four aircraft on firm order for delivery in 2011 plus options on 12 additional aircraft; and 14 Embraer 195s in service plus options on 15 additional aircraft.

David Attenburrow, Flybe’s director of fleet planning, observed, “This is Flybe’s first new aircraft financing with NAC (our eleventh aircraft lessor) and we are delighted to have closed this important transaction. We first worked with NAC in 2007 when, as a result of acquiring BA Connect, we inherited three older Dash 8-300 turboprops leased from NAC.

“In 2009 alone we financed the deliveries of 11 new aircraft which, despite the recent challenging economic and financial climate, we are very pleased to say we financed on time and on budget.”

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