Wizz Air closes Sale and Lease Back transaction for further six A320 aircraft with GECAS
Wizz Air and GE Commercial Aviation Services (GECAS) announced the closing of a sale and lease back transaction for six additional new Airbus A320 aircraft, all to be delivered in 2009. This agreement complements the two existing similar arrangement between the parties for the sale and lease back of a total of eight new A320s with deliveries in 2008 and 2009.
The aircraft are included in the purchase contracts between Wizz Air and Airbus Industries for up to 107 A320 family aircraft. The aircraft will come with a single class configuration of 180 seats, consistent with Wizz Air’s unified A320 fleet.
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: “The continuous deliveries of new Airbus A320 will continue to support our aspiration to become the leading airline in Central and Eastern Europe. We are pleased to continue our fruitful cooperation with GECAS.”
"GECAS is pleased to support the growth of Wizz Air by financing these additional aircraft", said David Kingsley, Senior Vice President Marketing, GECAS Vienna Office. "The low-cost airlines sector is exhibiting dynamic growth across Central and Eastern Europe."