Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today that Chorus Aviation Capital ('CAC') has entered into agreements to deliver six new ATR72-600 aircraft to InterGlobe Aviation Limited ('IndiGo') of India under a sale and leaseback transaction. Deliveries are anticipated in the second and third quarters of 2019.
"We are delighted to welcome IndiGo, as our 14th lease customer," said Steve Ridolfi, President, Chorus Aviation Capital. "The Indian aviation market is vibrant and dynamic with regional air transportation expanding rapidly to connect previously unserved communities. IndiGo is perfectly positioned to capitalize on this exciting growth. This is Chorus Aviation Capital's second leasing transaction this year in India, one of the world's fastest growing aviation markets."
"We're maturing and building scale as a worldwide regional aircraft lessor through the addition of yet another well-established lessee," commented Joe Randell, President and Chief Executive Officer, Chorus. "This latest transaction expands Chorus Aviation Capital's leasing portfolio to 561 aircraft worth some US $1.1 billion and with US $830.0 million in future contracted lease revenue."
Upon the completion of this transaction, CAC's announced portfolio commitments include 44 turboprops and 12 regional jets. When combined with the 47 aircraft leased under the Capacity Purchase Agreement with Air Canada, Chorus' fleet of leased aircraft comprises 103 aircraft valued at approximately US $1.7 billion.