Norwegian and CCB Leasing to form JV to finance, own and lease 27 A320neo aircraft

Norwegian announced (24-Oct-2019) plans to establish a JV with a subsidiary of China Construction Bank Leasing Corporation (CCB Leasing), which will initially finance, own and lease 27 A320neo aircraft that Norwegian has on order. China Leasing International Corporation DAC (CCBLI) will be the majority owner of the JV with a 70% share, with Norwegian, through its wholly owned subsidiary Arctic Aviation Assets DAC, holding the remaining 30%. CCBLI committed to provide senior debt financing to the JV for the 27 aircraft, which are due to be delivered from 1Q2020 to 2023. The JV will reduce Norwegian's committed capital expenditure by approximately USD1.5 billion based on the initial 27 aircraft. Norwegian acting CEO Geir Karlsen said the JV is "one of many important initiatives that need to be realised to deliver on our strategy of moving from growth to profitability". [more - original PR] [more - original PR - II]