Recently, BOC Aviation made a purchase and leaseback transaction of eight A330-300 aircraft with the International Airlines Group. The aircraft will be delivered from January 2013 to April 2014.
Robert Martin, Managing Director & Chief Executive Officer of BOC Aviation, said the transaction highlights the financing capacity of the BOC Aviation to provide high value aircraft in large numbers for our customers at important times, and that it represents the key difference between the company and other competitors. BOC Aviation will continue to maintain a long-term cooperative relationship with the International Airlines Group and other partners.
Purchase and leaseback refers to a transaction where an aviation leasing company, after the purchase of aircraft, immediately leases the aircraft back to airlines on a long-term basis, so as to provide long-term financing for the airlines to help make their operations more flexible.
Headquartered in Singapore, BOC Aviation is a wholly-owned subsidiary of Bank of China, and owns 188 modern aircraft, eight of which are on committed purchase and leasebacks. The company also holds confirmed orders for 63 aircraft and owns a young fleets with less than four years of aircraft age on average. In addition, BOC Aviation is the aircraft-leasing company with the world's highest public rating, with corporate credit rated as A- by Fitch and BBB by Standard & Poor's.
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