SAS sells and leases 10 A320 NEOs
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SAS Scandinavian Airlines signed agreements with Aviation Capital Goup (ACG) for the sale and lease-back of 10 Airbus A320neo aircraft. These aircraft are scheduled for delivery in the first quarter of 2024 and secured ten-year financing.
«Securing competitive financing for our renewed fleet of modern, fuel-efficient aircraft. We are pleased to renew our long-term strategic partnership with ACG, one of the world’s leading aircraft financing partners,» said Anko van der Werff, President and CEO of SAS.
«ACG is honored to welcome SAS as a renewed strategic partner. We are delighted to support the SAS FORWARD transformation plan with this sale and leaseback of SAS’ state-of-the-art, fuel-efficient aircraft,» said Tom G. Baker, CEO and Chairman of ACG.
What is lease-back?
Lease-back is a little-known strategic asset movement, where the owner of an asset decides to sell and then lease it back to the same asset, thus financing its use.
With this transaction SAS ensures that it keeps that asset in the fleet and in turn makes a net gain on the anticipated sale of the 10 Airbus A320neo. Then, when the aircraft are delivered, ACG will lease them to SAS for ten years.
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