13 April 2018 — Singapore
GECAS and its wholly owned subsidiary, PK AirFinance announced today
it had concluded a significant aircraft financing transaction covering a
total of 51 aircraft operated by Lion Air Group, GECAS' largest
customer Southeast Asia.
“We are thrilled to continue our relationship with Lion Air Group and
support their strong growth plans for the future,” declares GECAS’ SVP
& Manager, Clem McCloskey.
The financing covers 21 Boeing 737-900ER's currently operated by Lion
Air and 30 aircraft on order by Lion Air, including Boeing 737 MAX 8’s
and 9’s as well as the Airbus A320/A321neo.
“Working closely with our colleagues at GECAS,” explains PK
AirFinance’s SVP & Manager, Shinji Sato, “we were able to develop a
structured transaction that meets the objectives of Lion Air, providing
them a complete solution.”
“GECAS has been a long-time lessor for Lion Air from its first Boeing
classic to the new generation aircraft and now to the new technology
aircraft of MAX & neo,” states Edward Sirait, Lion Air Group CEO,
“and their ability to tailor a solution of this scale and support the
expansion of the group’s MRO unit, Batam Aero Technic, is one of the
many reasons we have come to regard them as a business partner over the
years.”
“It was a great pleasure to be a part of this landmark transaction
with GECAS and PK AirFinance”, asserts KJ Yang, Korea Development Bank’s
(KDB) Head of Aviation Finance Team. “With the strong partnerships KDB
has with both PK and Lion Air, we look forward to future opportunities
to sustain Lion Air’s growth in the region.”
About GECAS
GE Capital Aviation Services (GECAS) is a world leader in aviation
leasing and financing. With 50 years of aviation finance experience,
GECAS offers a wide range of aircraft types including narrow-bodies,
wide-bodies, regional jets, turboprops, freighters and helicopters, plus
multiple financing products and services including operating leases,
purchase/leasebacks, secured debt financing, capital markets, engine
leasing, airframe parts management and airport/airline consulting.
GECAS owns or services a fleet of nearly 2,000 aircraft (1,685 fixed
wing/ 310 rotary wing) in operation or on order, plus provides loans
collateralized on an additional ~400 aircraft. GECAS serves ~250
customers in over 75 countries from a network of 26 offices. gecas.com
About PK AirFinance
PK AirFinance is a leading provider and arranger of asset-based
financing of commercial aircraft. We serve airlines, aircraft traders,
lessors, investors, financial institutions and manufacturers worldwide. A
wholly-owned subsidiary of GECAS, the business traces its history to
the 1970’s when PK-Banken was established in Luxembourg by Pkbanken
Sweden and joined GECAS in 2000. PK has arranged aircraft
acquisition/disposition and/or financing for more than 120 airlines and
all aircraft types. PKAir.com
About Lion Air Group
Since Lion Air took to the skies with one aircraft in its fleet on 30
June 2000, the group now comprises of five airlines in 3 countries -
Lion Air, Wings Air, Batik Air, Malindo Air in Malaysia and Thai Lion
Air in Thailand. It has the largest market share in domestic travel in
Indonesia.
As of 31 December 2017, total fleet size stood at 299
aircraft comprising of ATR72s, B737NG, B737MAX, A320CEO and A330CEO.
Aggressive and innovative business expansion make Lion Air Group who
now has full facilities to support their businesses such as training and
education center, offices, housing for the ground crew and flight crew
located at Lion City-Balaraja, the pilot training school located at
Bandara Mas-Tangerang and a maintenance and overhaul facility (Batam
Aero Technic) that is located in Batam, Indonesia. To continue to expand
its business network, Lion Air Group started freight business called
Lion Parcel.
About the Korea Development Bank
The Korea Development Bank (“KDB"), founded in 1954, is a largest
government-owned policy bank in Korea. KDB offers clients a broad range
of financial products and services through its expertise in corporate
banking, investment banking, and corporate restructuring. Having been a
long-time partner of the two flag carriers of Korea from the early
1990s, KDB is also currently active in financing non-Korean airlines and
leasing companies over the past decade.
Source: GE
