Finnair has signed Memorandum of Understanding on sale and leaseback of two Airbus 330 aircraft

Finnair has signed a Memorandum of Understanding (MoU) with global aircraft leasing and financing company Novus (Novus Aviation Capital) on the sale and leaseback of two Airbus 330 aircraft. The value of the arrangement is approximately EUR 110 million.

The financial arrangement is a part of the long-haul fleet renewal program, in which the current Airbus 330 and 340 fleet will be replaced by the new generation of Airbus 350 aircraft. In addition to the MoU with Novus, Finnair announced on Friday 13 December it has signed a MoU with global aircraft leasing and financing company GECAS (GE Capital Aviation Services) on the sale and leaseback of two Airbus 330 aircraft and two ordered Airbus 350 aircraft. These financial arrangements as a whole are not expected to have a significant impact on earnings in 2014 and 2015.

The sale and leaseback agreements for the two A330 aircraft are expected to be concluded in the first half of 2014. The lease term is 12 years and the lease terms have extension options.

The proceeds from the arrangement will be used to finance Finnair’s future fleet investments. Finnair has ordered eleven A350s and has options for eight additional aircraft.