Willis Lease Finance Corporation Signs Historic Regional Aircraft and Engine Deal
March 29 2022 - 10:33AM
Willis Lease Finance Corporation (NASDAQ:WLFC) (“Willis Lease”)
announced it has entered into lease agreements with Transportes
Aéreos Guatemaltecos (TAG Airlines) (“TAG”) for four ATR 72-500
aircraft. The five-year deal sees the aircraft overhauled and
refurbished, fitted with new Pratt & Whitney Canada PW127M
engines.
“Over the past two years, our regional and
specialty assets group has focused on growth through opportunistic
procurement rather than traditional sale and leasebacks,” said
Austin C. Willis, Willis Lease Chief Executive Officer, effective
April 1, 2022. “This has enabled us to provide quality aircraft and
engines at attractive rates to our customers. We purchased these
aircraft in late 2021, and we are delighted to have signed these
leases with TAG.”
The ATR72-500 aircraft is known to be one of the
most efficient and environmentally friendly aircraft in the world.
The aircraft can hold up to 74 passengers in a spacious two by two
seating configuration.
“These four aircraft represent our flight into
the future,” said Julio Gamero, TAG Chief Executive Officer. “We’ve
been working with Willis Lease as a team to bring the aircraft to
Guatemala in ‘as new’ condition. The interiors are new, the engines
are new, the airframes have been completely overhauled, stripped to
bare metal then painted in our new TAG livery. We are excited to
offer these aircraft to our customers in Guatemala and throughout
our network.”
In addition to the aircraft leases, TAG will be
included in Willis Lease’s ConstantThrust™ program. Under the
agreement, program maintenance and care for the engines is overseen
by Willis Lease, including providing spare engines when the need
arises. “This is the first time we have signed a regional airline
to our ConstantThrust™ program,” said Willis. “To date, we
have provided ConstantThrust™ to our large-fan engine
customers. With the signing of TAG, we are breaking new ground,
improving the levels of service for regional carriers and providing
them the same kind of superior service, dispatch reliability and
support that major international air carriers enjoy.” Aircraft
deliveries are expected to begin in the first half of 2022.
Willis Lease Finance
Corporation
Willis Lease Finance Corporation leases large
and regional spare commercial aircraft engines, auxiliary power
units and aircraft to airlines, aircraft engine manufacturers and
maintenance, repair and overhaul providers in 120 countries. These
leasing activities are integrated with engine and aircraft trading,
engine lease pools and asset management services supported by
cutting edge technology through its subsidiary, Willis Asset
Management Limited, as well as various end-of-life solutions for
engines and aviation materials provided through its subsidiary,
Willis Aeronautical Services, Inc.
Except for historical information, the matters
discussed in this press release contain forward-looking statements
that involve risks and uncertainties. Do not unduly rely on
forward-looking statements, which give only expectations about the
future and are not guarantees. Forward-looking statements speak
only as of the date they are made, and we undertake no obligation
to update them. Our actual results may differ materially from the
results discussed in forward-looking statements. Factors that might
cause such a difference include, but are not limited to: the
effects on the airline industry and the global economy of events
such as terrorist activity and the COVID-19 pandemic; changes in
oil prices and other disruptions to the world markets; trends in
the airline industry and our ability to capitalize on those trends,
including growth rates of markets and other economic factors; risks
associated with owning and leasing jet engines and aircraft; our
ability to successfully negotiate equipment purchases, sales and
leases, to collect outstanding amounts due and to control costs and
expenses; changes in interest rates and availability of capital,
both to us and our customers; our ability to continue to meet
changing customer demands; regulatory changes affecting airline
operations, aircraft maintenance, accounting standards and taxes;
the market value of engines and other assets in our portfolio; and
risks detailed in the Company’s Annual Report on Form 10-K and
other continuing reports filed with the Securities and Exchange
Commission.
CONTACT: |
Scott B. Flaherty |
|
Chief Financial Officer |
|
(561) 349-9989 |
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