PRESS RELEASE
FOR IMMEDIATE
RELEASE
AerCap and Deucalion Joint Venture
Executes a Purchase-Leaseback of Nineteen Boeing Aircraft, Including Eleven
Next Generation Boeing 737-800 Aircraft With TUI Travel PLC
Amsterdam, The
Netherlands; June 23, 2008 -
After the closing of the purchase from TUI Travel, AerCap will have
expanded its fleet of Next Generation Boeing 737 aircraft to 18 over the last
two years, thereby significantly increasing the number of modern,
fuel-efficient aircraft in its fleet.
The aircraft will be acquired through a 50/50 joint venture with
Deucalion and will be managed by AerCap. The joint venture will pay AerCap
servicing fees for the management of the aircraft. Coincident with the acquisition, the joint
venture will lease the aircraft back to their current operators, which are all
airline subsidiaries of TUI Travel (HapagFly, Thomsonfly, TUI Fly Nordic, and
Jet4You). All of the leases are
guaranteed by TUI Travel PLC.
In addition to the eleven Boeing 737-800s, the 19-aircraft portfolio
consists of six Boeing 757-200s and two Boeing 767-300ER aircraft.
“With this major
acquisition of Boeing 737-800 aircraft, AerCap has strengthened its portfolio
and continued to optimize its fleet with young, fuel-efficient equipment which
remain in strong demand in the current high fuel price environment. In addition
AerCap is very pleased to welcome TUI Travel, a leading international leisure
travel group, to our global customer base,” said
“We arranged the debt
financing for the TUI Travel transaction outside our already available lines of
credit and we are very pleased to have sourced equity for the transaction with
a strong partner like DVB Bank,” said
About AerCap
AerCap is an integrated global aviation company with a
leading market position in aircraft and engine leasing, trading and parts
sales. AerCap also provides aircraft management services and performs aircraft
and engine maintenance, repair and overhaul services and aircraft
disassemblies. AerCap has a fleet of 320 aircraft and 71 commercial engines
that were either owned, on order, under contract or letter of intent, or
managed. AerCap is headquartered in The Netherlands
and has offices in
About
DVB Bank/Deucalion
The Deucalion Aviation Funds consist of a series of
actively managed funds which act as investment vehicles through which private
and institutional investors together invest in aviation equity investments in
aircraft and engines, airlines and aviation related assets. The funds are advised and managed by DVB
Bank.
DVB Bank AG, based in Frankfurt/Main, is an
international advisory bank and finance house that specialises in the global
transport market. DVB offers integrated financing solutions and advisory
services in respect of Shipping, Aviation, and Land Transport. The Bank
operates out of offices in Frankfurt/Main, Bergen/Oslo,
About TUI Travel PLC
TUI Travel PLC is a leading international leisure
travel group, which operates in approximately 180 countries worldwide and
serves more than 30 million customers in over 20 source markets. Headquartered
in Crawley, near Gatwick airport in the
This
press release may contain forward-looking statements that involve risks
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not guarantees of future performance and involve significant assumptions, risks
and uncertainties, and actual results may differ materially from those in the
forward-looking statements.
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