13 July 2015, Hong Kong - China Aircraft Leasing Group Holdings Limited (“CALC” or the “Group”, stock code: 01848.HK), the largest independent operating aircraft lessor in China, announced the second delivery of a new A320 aircraft to Air India Ltd. (“Air India”). The aircraft was delivered at the facilities of Airbus in Hamburg, Germany on 9 July 2015.
This is the second aircraft delivered under a 12-year operating lease agreement between CALC and Air India for five aircraft. The first delivery was completed on 3 February 2015. CALC shall deliver the remaining of A320 aircraft to Air India by the end of 2015 as duly integrated with Air India’s fleet optimization program on its current A320/A319 fleet. The delivered A320 aircraft, configured with maximum takeoff weight (MTOW) of 77 tons and Required Navigation Performance (RNP) Authorization Required (AR), is equipped with Sharklets, 2.4-meter tall new wingtip devices, which enhance the fuel-efficiency and payload-range performance of the A320-family resulting in up to 4% lower fuel burn over longer sectors. Light-weight Dragonfly Z85 cabin seats are installed in this new delivered A320 aircraft.
The delivered aircraft is financed via the support of the Export Credit Agencies (“ECAs”). This is the second aircraft financing for CALC backed by a guarantee issued by UK Export Finance (as fronting ECA). Among the transaction parties, Credit Agricole Corporate & Investment Bank (CACIB) acts as the ECA financing advisor to the Group, Vedder Price as the transaction counsel representing the Group, TD Bank, N.A. as the lender and TD Securities as co-arranger; ING Capital LLC is the co-arranger and facility agent, Wilmington Trust SP Services (Dublin) Ltd is the security trustee and Watson Farley & Williams LLP is the transaction counsel representing the ECAs, the lender and the facility agent.
Mr. Christian Mc Cormick, Managing Director – Finance of CALC, said, “We are pleased to have obtained our second ECA financing. Repeated financing cooperation with the ECAs is confirmation of established trust in our credit status and recognition by these important international credit agencies. ECA financing is an important international financing alternative for our global business expansion strategies. We have laid a good start with Air India, and are looking forward to expanding such alternatives even more with our overseas clients in the future. The ECA-guaranteed arrangement enhances the Group’s competitiveness and geographical coverage. We would like to thank the three ECAs for their unfailing support, and all the professional parties involved in the Air India aircraft financing project. We look forward to expanding our financing portfolio with the ECAs going forward.”
CALC’s portfolio is currently made up of 51 current generation Airbus and Boeing aircraft with an average age of 2.5 years. CALC’s strong clientele includes top-tier Chinese and Asian airlines as well as newly established regional airlines. In December 2014, CALC placed a large order of 100 Airbus A320 series aircraft, including 74 A320neos; this is the largest single order ever made by a Chinese lessor and brings CALC’s cumulative order book to 140 A320 series aircraft. These orders facilitate CALC’s commitment to providing its airline customers with aircraft full-life solutions.
CALC’s vision is to globalize its business in the leasing and remarketing of commercial aircraft. The Group’s overseas professional team, with extensive international aviation market experience, oversees and supports CALC’s global business development activities. With the current delivery to Air India as well as the recent lease agreements secured with Air Macau and Pegasus Airlines, CALC marks its efforts for expansion outside China and solidifies its focus on the international aviation market.
Company Contact:
China Aircraft Leasing Group Holdings Limited
pr@calc.com.hk
About Air India Ltd.
Founded in 1932, Air India is a state-owned enterprise headquartered in New Delhi as well as the flag carrier of India. Air India has two major domestic hubs at Indira Gandhi International Airport and Chhatrapati Shivaji International Airport.
Air India is an international airline with a network of 33 destinations across the USA, Europe, Far-East and South-East Asia and the Persian Gulf. The airline’s domestic network covers 50 destinations, including far-flung areas of the North-East, Ladakh, Andaman and Nicobar Islands. With its fleet size over 100 aircraft, Air India flies one of the youngest state-of-the-art fleet featuring a mix of wide-body and narrow-body aircraft. Air India is a member of Star Alliance, the world's largest airline accord.
