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Hong Kong Aviation Capital and IndiGo Airlines close sale and lease back on new Airbus A320

6-Apr-2011

IndiGo Airlines and Hong Kong Aviation Capital (HKAC) have successfully closed the sale and lease back of a new Airbus A320 delivered on 30-Mar-2011 at the Airbus facility in Toulouse. HKAC closed the delivery of the new aircraft with financing from China Development Bank.

HKAC now has a total of eight A320s on lease to IndiGo - the world's fastest growing LCC.

HKAC's new CEO, Donal Boylan, said, "We are extremely pleased to have completed this transaction for IndiGo Airlines and are looking forward to further enhancing our relationship with the addition of another two aircraft later this year".

On Monday, HNA Group Company Limited (HNA) and Bravia Capital announced the appointment of Mr Boylan as the new CEO of HKAC, which is a subsidiary of HNA and a Bravia affiliate, succeeding Mathis Shinnick. Mr Boylan joined HKAC as Director of Marketing in 2009.

After focusing on stabilising the Allco portfolio, which HKAC acquired in Jan-2010, re-establishing its banking relationships as well as managing the remarketing and lease extensions of eight aircraft in 2010, HKAC is re-focused on the acquisition of new aircraft transactions. The company expects to acquire up to 25 additional aircraft in 2011.

Of the listed lessors, FLY Leasing's shares fell 1.7%, while Willis Lease gained the same amount.

Selected Lessors daily share price movements (% change): 5-Apr-2011


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