American Airlines announced today it has entered into a sale-leaseback arrangement with AerCap
FORT WORTH, Texas, July 15, 2011 /PRNewswire/ -- American Airlines announced today it has entered into a sale-leaseback arrangement with AerCap, a leading independent aircraft leasing company, to finance up to 35 Boeing 737-800 Next Generation aircraft, including 29 firm deliveries, scheduled to be delivered to American. Of the 29 firm deliveries, 26 are previously ordered aircraft and three are newly ordered aircraft. The arrangement also covers six Boeing 737-800 Next Generation aircraft subject to purchase rights that, if exercised by American, would be scheduled for delivery in 2013 2014.
AerCap will purchase the aircraft from American and immediately lease the aircraft back to American under a sale-leaseback financing arrangement.
"We are pleased to significantly expand our relationship with AerCap and diversify our financing strategies. This arrangement is a great reflection of the flexibility we have to efficiently raise capital in support of AMR's strategic fleet renewal efforts," said AMR Chief Financial Officer Bella Goren.
"With this major aircraft transaction, we will deepen our relationship with one of the world's leading airlines. Furthermore, this transaction will materially increase the number of Boeing 737-800 aircraft in our portfolio, one of the most in-demand and fuel-efficient aircraft in the world," said Aengus Kelly, Chief Executive Officer of AerCap.
Updating its previously announced fleet schedule, American has exercised an option to purchase three additional 737-800 Next Generation aircraft. As of July 1, 2011, American's Boeing 737-800 delivery schedule was: 2011: 15, 2012: 28, 2013: 14
The financing of each aircraft under this arrangement will be subject to certain terms and conditions.
About American Airlines
American Airlines, American Eagle and AmericanConnection® serve 250 cities in 50 countries with, on average, more than 3,600 daily flights. The combined network fleet numbers more than 900 aircraft. American's award-winning website, AA.com®, provides users with easy access to check and book fares, plus personalized news, information and travel offers. American Airlines fares are also available through Kayak.com and Priceline.com, as well as thousands of travel agencies worldwide. American Airlines is a founding member of the oneworld® Alliance, which brings together some of the best and biggest names in the airline business, enabling them to offer their customers more services and benefits than any airline can provide on its own. Together, its members serve approximately 900 destinations with more than 9,000 daily flights to 145 countries and territories. American Airlines, Inc. and American Eagle Airlines, Inc. are subsidiaries of AMR Corporation. AmericanAirlines, American Eagle, AmericanConnection, AA.com, and AAdvantage are trademarks of American Airlines, Inc. (NYSE: AMR).
AerCap (NYSE: AER) is the world's leading independent aircraft leasing company. AerCap also provides engine leasing, aircraft management services and performs aircraft maintenance, repair and overhaul services and aircraft disassemblies. AerCap is headquartered in The Netherlands and has offices in Ireland, the United States, Singapore, China, the United Arab Emirates and the United Kingdom.
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The address is http://www.aa.com
SOURCE American Airlines