Castlelake has announced the completion of the sale and leaseback of six A330-200F freight aircraft to Avianca with a 10-year lease term. The six A330-243F comprise all Avianca’s freighter division, Avianca Cargo, and they represent 15 percent of all -200Fs ordered to the date.
The move seems to be a textbook operation to accrue much-needed capital while the company transitions to a new business model and a part of the recently secured reorganization plan that will allow the carrier to exit its Chapter 11 process.
«We are pleased to build on Castlelake’s existing relationship with Avianca to provide tailored capital solutions that help meet the growing demand for e-commerce in Latin America,» said Joe McConnell, Partner and Portfolio Manager at Castlelake, L.P. «As global airlines return their focus to growth, we look forward to leveraging our platform and extensive experience investing in, and operating, aviation assets to support their goals.»
This sale-leaseback and financing is the latest of several transactions between Castlelake entities and Avianca and its subsidiaries this year, including a financing facility provided to Avianca and another provided to LifeMiles Ltd., the leading airline loyalty program serving airlines and airline passengers in Latin America.
«We value Castlelake’s support throughout our restructuring process. This transaction is a testament to the confidence of the market in our business model and future success. We are looking forward to continuing our relationship, as we prepare to capitalize on the recovery of the global airline industry,» said Francisco Raddatz, Vice President of Fleet at Avianca.
