13 May 2019 07:00
AVATION PLC
("Avation" or "the Company")
ATR 72-600 SALE AND LEASEBACK TRANSACTION
Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company, is pleased to announce that it has entered into a sale and leaseback transaction with Cebu Air, Inc. ("Cebu Pacific") for a new ATR 72-600 turboprop aircraft. The aircraft is scheduled to be delivered on the 24th of May when it will commence a long-term, market rate operating lease. This aircraft is in addition to Avation's order book for ATR aircraft.
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Cebu Pacific is a low-cost carrier and the largest airline group in the Philippines domestic market. The airline also flies internationally to 26 destinations and has been consistently profitable since its IPO in 2010.Â
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Avation has secured financing for this aircraft at favourable terms, reflecting the airline's financial strength.
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Avation's Executive Chairman, Jeff Chatfield said: "We are very pleased to add an additional fuel-efficient ATR 72-600 aircraft to our fleet and to welcome Cebu Pacific as a new customer, further diversifying the Company's sources of revenue."
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-ENDS-
Enquiries:
Avation Jeff Chatfield, Executive Chairman | T: +65 6252 2077 |
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Avation welcomes shareholder questions and comments and advises the email address is: investor@avation.netÂ
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Notes to Editors:
Avation PLC is an aircraft leasing company, headquartered in Singapore, owning and managing a fleet of commercial passenger aircraft which it leases to international airlines.
More information on Avation is available at www.avation.net.
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