SAS in sale-leaseback deal – with China

Agreement involves four Airbus A330-300 aircraft

SAS says it secured financing today for four Airbus A330-300 Enhanced aircraft, through the signing of a sale and leaseback agreement with Bocom (Bank of Communications), one of the biggest banks in China, headquartered in Shanghai.

The planes will be delivered during the latter part of 2015 and the beginning of 2016. The agreement means that SAS, at the time of delivery for the respective aircraft, will sell the planes to Bocom and then lease them back during a term of 12 years. The list price for four aircraft of this type is around USD 1 billion.

“It is with pleasure that I today signed an agreement that secures financing of the first phase of SAS’ long-haul fleet renewal through the delivery of four Airbus A330-300 Enhanced,” said Göran Jansson, executive vice president and chief financial officer for the SAS Group.

Jansson said that this was the airline’s “first large agreement with a Chinese counterpart” and that Bocom “will become a very good partner for SAS.”

TTG Nordic

[pictured: Airbus A330-300; image courtesy Airbus, computer rendering by Fixon – GWLNSD]


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