NEWPORT BEACH, Calif.--(BUSINESS WIRE)--Nov 13, 2019--
Aviation Capital Group LLC (ACG), a leading aircraft asset manager, announced today that it has been mandated by Aegean Airlines S.A. (Aegean), Greece’s largest airline, to structure, arrange, and provide a guarantee of a secured loan by Apple Bank for Savings (Apple Bank) to finance Aegean’s two A321neo aircraft and separately to place two A320neo aircraft with Aegean under long-term operating leases. The aircraft are scheduled to be delivered over the next 12 months.
This mandate highlights ACG’s ability to respond to all of an airline’s fleet needs. In addition to making use of ACG’s core operating lease platform, Aegean will also utilize ACG’s Aircraft Financing Solutions (AFS) program to help finance the acquisition of two new aircraft. The AFS program complements ACG’s traditional operating lease business by providing customers with cost effective aircraft financing solutions as airlines look to increase the number of owned aircraft in their fleets. Among operating lessors, ACG believes that it has created a unique aircraft financing program.
“ACG is very excited to have this opportunity to work with Aegean and Apple Bank. This combined mandate demonstrates ACG’s ability to provide our airline customers with a complete solution to their fleet needs. We continue to offer operating lease solutions and, through our AFS program, we are able to provide an airline with financing for aircraft it wishes to own. We look forward to strengthening our relationship with Aegean,” said Andrew Falk, managing director of ACG.
“Aegean Airlines welcomes ACG’s financing solutions and Apple Bank’s support for the first deliveries of our Airbus NEO fleet in 2020, which will enable us to diversify our sources of financing. We look forward to working closely with ACG and Apple Bank to conclude a successful and efficient transaction,” said Michalis Kouveliotis, CFO, Aegean Airlines.
“Apple Bank, as the guaranteed lender, is very supportive of ACG and Airbus customers around the world. Aegean is a well-established and well managed carrier in Europe with a successful fleet and business plan and we look forward to supporting them over time. The ACG AFS program remains a useful financing solution for all parties involved in financing newly acquired aircraft to be owned by the operator,” said Jon Byron, senior vice president, Apple Bank.
About Aviation Capital Group
Aviation Capital Group is one of the world’s premier full-service aircraft asset managers with approximately 500 owned, managed and committed aircraft as of September 30, 2019, which are leased to approximately 90 airlines in approximately 45 countries. ACG was founded in 1989 and is a private company that is owned by Pacific Life Insurance Company and Tokyo Century.
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SOURCE: Aviation Capital Group LLC
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