Wizz Air closes Sale and Lease Back transaction for 4 new A320 aircraft
30 November 2006
Wizz Air, Central and Eastern Europe’s low fare – low cost airline and GE Commercial Aviation Services' (GECAS) today announced the closing of a sale and lease back transaction for four new Airbus A320 aircraft, all to be delivered in first half of 2008.
The aircraft are included in the earlier announced contract between Wizz Air and Airbus Industries to purchase up to 44 A320 family aircraft. The aircraft will be powered by International Aero Engines V-2500 engines and will come with a single class configuration of 180 seats, consistent with all Wizz Air’s A320’s.
Under the terms of the transaction, GECAS will take ownership of the aircraft upon delivery from Airbus and Wizz Air will then lease them back from GECAS for an 11-year lease term.
József Váradi, Chief Executive Officer of Wizz Air said: “This transaction is another important step forward in delivering our growth plan to reinforce our leadership in Central and Eastern Europe. We look forward to establishing a long term mutually beneficial relationship with GECAS.”
"We are delighted to help fuel Wizz Air's growth by leasing these aircraft," said Declan Hartnett, senior vice president and region manager, Europe for GECAS. "We remain committed to our role as a major financier of aviation assets in the fast-growing Central and Eastern European region."
GE Commercial Aviation Services (GECAS) is the commercial aircraft financing and leasing business of GE and part of GE Infrastructure. GECAS has a fleet of 1,400 owned aircraft it leases to more than 225 airlines in some 70 countries, and it manages nearly 300 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also offers productivity solutions including spare engine leasing, spare parts financing and management, and pilot training. GECAS has offices in 23 cities around the world.
