Wizz Air closes Sale and Lease Back transaction for further four A320 aircraft with GECAS
Wizz Air 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 2008. This agreement complements an earlier announced similar arrangement between the parties for the sale and lease back of earlier four new A320s with deliveries in 2008 too.
The aircraft are included in the purchase contracts between Wizz Air and Airbus Industries for 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 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: “We are delighted to be working with GECAS again. The fact that GECAS is increasing its stake in Wizz is the confirmation of their confidence in the prospect of our business. The new aircraft deliveries underpin our growth plans in Central and Eastern Europe.”
“GECAS is very pleased to be expanding our business relationship with Wizz Air so soon after our original transaction", said Declan Hartnett, Senior Vice President and Regional Manager, Europe for GECAS. "The Central and Eastern European airline and airports market continues to expand, and we are well-positioned to support that growth.”
Commercial Aviation Services (GECAS) is the commercial aircraft financing and leasing business of GE and part of GE Infrastructure. GECAS has a fleet of 1,450 owned aircraft it leases to more than 230 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 and spare parts financing and management. GECAS has offices in 24 cities around the world.