Wizz Air closes sale and lease back transaction for new aircraft with Avolon

Wizz Air today announces the closing of a sale and lease back transaction with Avolon, the international aircraft leasing group, for three new Airbus A320 aircraft to be delivered in the first half of 2012.

This is the first sale and lease back transaction between Wizz Air and Avolon under the terms of which Avolon will take ownership of the aircraft upon delivery from Airbus and Wizz Air will then lease them back for a minimum 7-year lease term.

The new Airbus A320 aircraft will come with a single class configuration of 180 seats, consistent with Wizz Air’s unified A320 fleet, which is one of the most modern and youngest in the world. The transaction provides Wizz Air with the increased flexibility to support its continuing growth in the fast-growing air travel markets of Central and Eastern Europe.

Michael Powell, Chief Financial Officer of Wizz Air said: “The deliveries of new Airbus A320 continue to support our leadership position in Central and Eastern Europe. We are pleased to add Avolon into our diversified financing portfolio.”

Pat Hannigan, Avolon Head of Europe, Middle East and Africa said: “We are pleased to announce the strengthening of our relationship with Wizz Air, through the sale and leaseback of three new Airbus A320 aircraft. We look forward to helping them serve the fast-growing market of Central and Eastern Europe.”