BOC Aviation (BOCA), via a Cayman-based subsidiary, agreed to purchase 17 A320neo and A321neo aircraft from Airbus for approximately US$2.2 billion at list prices. BOC Aviation expects to take delivery of the aircraft in 2020 and 2021, and deliver them to an airline customer.

The customer holds the option to purchase the aircraft itself upon delivery.

The transaction will be funded through cash on hand, the proceeds of loans or other borrowings by BOCA and/or cash generated from the company's business operations.

The Singapore based lessor also committed to purchase a cumulative number of five A320neo family aircraft from Airbus with an aggregate current list price of approximately $553 million.

BOCA will now have committed to purchase a cumulative number of 22 single-aisle equivalent aircraft from Airbus with an aggregate list price of approximately $2.8 billion.