Posted on: 17 October 2019 by Kimberley Young
TrueNoord has leased six Embraer 170s to Republic Airways, the regional operator serving as American Eagle, Delta Connection and United Express in the US, marking the lessor’s first fleet deal in North America.
The aircraft had been operating with Republic Airways since 2005 and have now been purchased by TrueNoord with leases attached from GA Telesis.
“We are delighted to work with Republic Airways and this marks TrueNoord’s first investment in aircraft flying across the US,” commented Anne-Bart Tieleman, CEO TrueNoord. “This deal represents a significant development for the Company and sees us firmly establish a global footprint with our regional aircraft portfolio that now spans operators across Europe, the Americas and Asia.”
Republic Airways, CFO Joe Allman commented: “Republic operates the world’s largest fleet of Embraer regional jets so we welcome TrueNoord as a specialist regional lessor partner. This is a new commercial relationship and we look forward to working with their experienced and professional team.”
Financing was provided under a bilateral term loan facility supported by Erste Bank. Pillsbury, Winthrop, Shaw, Pittman LLP advised TrueNoord on the transaction. With the deal, TrueNoord adds a new aircraft type to its portfolio and increases their E-jet fleet to 28 – six of which are Embraer E170s – and the total fleet to 41, including 12 turboprops.
Garry Topp, sales director TrueNoord, responsible for the Americas, said: “As a specialist lessor of regional aircraft, acquiring six Embraer E170s on lease to a leading operator like Republic Airways denotes a positive start to our North American business. It is rewarding to see our exposure growing as these aircraft join the fleet that we already own and lease out in Latin America.”