Philippine Airlines (PAL) and SMBC Aviation Capital have agreed a sale and leaseback deal for two Airbus A350-900 XWBs. The arrangement also includes financing of pre-delivery payments to Airbus, with the first aircraft scheduled to be handed over to the carrier in June 2018.
PAL President and COO Jaime J Bautista said: “We are very pleased to conclude this transaction with SMBC Aviation Capital. These aircraft will allow PAL to fly non-stop between Manila and New York all year round as well as service the rest of the carrier’s long-haul destinations and bring a new level of comfort and service to our passengers.”
The transaction also marks the beginning of a new relationship between PAL and SMBC Aviation Capital.
Peter Barrett, CEO of SMBC Aviation Capital, added: “This deal demonstrates our ability to finance large deals of scale with innovative financing solutions for our customers. The strength of our portfolio is further enhanced by the addition of the A350 which is 25% more fuel efficient than its predecessor and will ultimately deliver greater cost savings for the airline. We are delighted to provide the airline with its first A350 and to further extend our presence across Asia.”