BOC Aviation Finalizes 13-Aircraft Deal With Skybus |
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By: Skybus Airlines Posted: 2007-11-15 01:57:54 |
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Skybus Airlines has finalized an agreement with Singapore-based BOC Aviation, a 100% owned subsidiary of Bank of China, that provides pre- and post-delivery financing for 13 new A319 aircraft with a catalog list price of over $750 million. The aircraft are due for delivery in 2009 and 2010.
The deal is the second financing between BOC Aviation and Skybus. A similar agreement was finalized in April this year, covering four aircraft delivering in November and December 2008. Robert Martin, BOC Aviation Chief Executive Officer, said that the latest agreement with Skybus was a vote of confidence in the airline's business model, as well as the value of the A319 as a proven asset. "The combination of a focused low-cost business model, astute management team and the A319 made this a winning deal for us," he said. "We are pleased to be able to play a role in the growth of this competitive new carrier and look forward to working together for many years in the future." "In addition, the agreement with Skybus further extends our presence in the North American market, where we see huge potential for new business in the near and medium term." Skybus CEO Bill Diffenderffer said, "Because of the high cost of new aircraft, airlines have huge capital requirements. It is terrific for Skybus to have developed such a broad and long term relationship with such a powerhouse in financial services." Skybus began service in May of this year, flying from its base in Columbus, Ohio, to cities throughout the United States. Early next year the airline will open a second base at Piedmont Triad International Airport in North Carolina. Skybus currently has an all-Airbus fleet of 7 A319s, with 67 more A319 aircraft scheduled to arrive over the next 5 years. BOC Aviation is the leading Asia-based aircraft leasing company, with a fleet of over 70 aircraft in service with airlines worldwide and another 60 aircraft on firm order with Airbus and Boeing for delivery through to 2012. Of the 60 aircraft on order, 45 have already been leased to airlines in advance of delivery, with the next available new aircraft delivering in 2011. BOC Aviation is owned 100% by Bank of China, the third largest bank in the world by market capitalization. |
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