Tiger Airways in Agreement with GECAS to Finance Two Airbus A320 Aircraft
Tiger Airways Pte Ltd | May 24, 2007
Tiger Airways, Singapore's real low fare airline, has agreed with leasing company GE Commercial Aviation Services (GECAS) to lease two new Airbus A320 aircraft.
Under the agreement, GECAS will purchase the two new A320 aircraft from Tiger Airways upon delivery from Airbus in 2009 and lease them back to the airline for a 12 year term.
"Tiger Airways is pleased to announce this new business relationship with GECAS. GECAS is a well established international company specializing in aircraft financing and we feel fortunate to be able to conclude an agreement with such a reputable industry player to be our financing partner in this transaction," said Tiger Airways CEO, Tony Davis.
GECAS said: "We are very pleased to start a business relationship with Tiger Airways and look forward to supporting their plans for expansion and growth."
Davis said: "GECAS is the latest to join a distinguished list of financial organizations such as RBS and Macquarie-GATX who have both provided such sale and leaseback agreements with Tiger Airways in the past. This list of blue chip companies providing financing to Tiger Airways is a strong endorsement of our low fare business model which has proven so in Europe and USA with the likes of Ryanair and Southwest Airlines. It has enabled Tiger Airways to grow from just 2 aircraft in 2004 when we started our first route flying Singapore-Bangkok to 18 routes today spanning the entire Asia Pacific region. Tiger Airways has already secured finance agreements for all 5 aircraft expected to be delivered in 2007 and 2008."
GE Commercial Aviation Services (GECAS) is the commercial aircraft financing and leasing business of GE and part of GE Infrastructure. GECAS has a fleet of 1,450 owned aircraft it leases to more than 230 airlines in some 70 countries, and it manages nearly 300 aircraft for others. GECAS offers a wide range of aircraft types and financing options, including operating leases and secured debt financing, and also offers productivity solutions including spare engine leasing and spare parts financing and management. GECAS has offices in 24 cities around the world.