Chorus Aviation Inc. ('Chorus') (TSX: CHR) announced today that Chorus Aviation Capital ('CAC') has entered into agreements to deliver five new Bombardier Q400 aircraft to SpiceJet of India under a sale and leaseback transaction. CAC has delivered two aircraft and anticipates delivering all aircraft by the end of June 2019.
"We are excited to welcome SpiceJet as a new lessee. India is one of the fastest-growing air passenger markets in the world, and SpiceJet is well positioned to capitalize on that growth. This is an excellent start for Chorus Aviation Capital in this critically-important market," said Steve Ridolfi, President of Chorus Aviation Capital.
Ajay Singh, Chairman and Managing Director, SpiceJet, said, "We see significant opportunities for growth, particularly in light of the recent reduction in aviation capacity in India, and are adding these five Q400s to support our expansion and ability to connect smaller towns and cities in India. We are delighted to be working with Chorus Aviation Capital on this addition to our fleet and look forward to future opportunities to work together."
Upon delivering all five aircraft included in this transaction, and five other aircraft pending delivery to other customers, CAC's portfolio will consist of 45 aircraft comprising 33 turboprops and 12 regional jets valued at approximately US $960 million.