Saturday, 5 December 2020

WestJet sells and then lease back nine Boeing 737 MAX aircraft

Canadian airline WestJet has agreed with leasing giant CDB Aviation, the sale and then lease back of eight of the nine Boeing 737 MAX 8 aircraft. The ninth aircraft is anticipated to close later this month. The aircraft was originally delivered to WestJet over the past three years and had been grounded for nearly two years following the global grounding of the type after two fatal crashes claimed the lives of 346 people. 

WestJet Executive Vice-President, Finance and Chief Financial Officer Harry Taylor remarked: “We were very pleased with the process in which our teams successfully completed this transaction. The CDB Aviation team was professional, responsive, and pleasant to work with.”

“We have formed a strong working relationship with our colleagues at WestJet, and warmly welcome them to our growing family of airline customers across the Americas,” commented CDB Aviation Chief Marketing Officer Peter Goodman. “We appreciate their trust in our platform and confidence in our ability to deliver this innovational, customized, and large-scale financing.”

Goodman emphasized the lessor’s established platform’s ability to close transactions of this scale, pointing to “our commercial team’s unrelenting focus on listening to our customers and working collaboratively on crafting financing solutions that fit their requirements.”

CDB Aviation’s highly competitive position among lessors is anchored in the “robust resources backed by its shareholder, CDB Leasing, and bespoke financing solutions that provide market-leading economics,” expanded CDB Aviation Chief Executive Officer Patrick Hannigan.

Hannigan concluded: “The expediency and resourcefulness, with which the team collaborates with our airline partners, are reflective of our steadfast investment in the strategy centred on meeting the airlines’ wide-ranging needs, from supporting operations in the current pandemic-affected environment to delivering solutions for the long term.”

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