GECAS and its wholly owned subsidiary, PK Air Finance announced today it had concluded a significant aircraft financing transaction covering a total of 51 aircraft operated by Lion Air Group, GECAS' largest customer Southeast Asia.
“We are thrilled to continue our relationship with Lion Air Group and support their strong growth plans for the future,” declares GECAS’ SVP & Manager, Clem McCloskey.
The financing covers 21 Boeing 737-900ER's currently operated by Lion Air and 30 aircraft on order by Lion Air, including Boeing 737 MAX 8’s and 9’s as well as the Airbus A320/A321neo.
“Working closely with our colleagues at GECAS,” explains PK Air Finance’s SVP & Manager, Shinji Sato, “we were able to develop a structured transaction that meets the objectives of Lion Air, providing them a complete solution.”
“GECAS has been a long-time lessor for Lion Air from its first Boeing classic to the new generation aircraft and now to the new technology aircraft of MAX & neo,” states Edward Sirait, Lion Air Group CEO, “and their ability to tailor a solution of this scale and support the expansion of the group’s MRO unit, Batam Aero Technic, is one of the many reasons we have come to regard them as a business partner over the years.”
“It was a great pleasure to be a part of this landmark transaction with GECAS and PK AirFinance”, asserts KJ Yang, Korea Development Bank’s (KDB) Head of Aviation Finance Team. “With the strong partnerships KDB has with both PK and Lion Air, we look forward to future opportunities to sustain Lion Air’s growth in the region.”