Nordic Aviation Capital enters new turboprop market concluding deal on four Q400s with Flybe

Monday 18th January, 2010

Nordic Aviation Capital (“NAC”), the world’s largest turboprop lessor, announced today it has closed agreements with Flybe on the sale-and-leaseback of four Bombardier Q400 turboprops. Serial Nos 4242, 4248, 4253, and 4255 are all 2009-built aircraft which Flybe is leasing back from NAC. The deal, the first NAC has accomplished with senior debt provided by Export Development Canada (EDC), marks a significant milestone for Nordic Aviation Capital as its first ‘new’ turboprop transaction.

“As a specialist in pre-owned turboprop aircraft we have been positioning to break into the ‘new’ turboprop market for some time now,” said NAC Chief Commercial Officer Jim Murphy. “It is an important part of our strategy moving forward.” “We are especially delighted to have ratified this deal with Flybe, the world’s biggest operator of the Q400, who we first conducted business with back in 2007 with leases of three Dash 8-300 that the airline acquired from its acquisition of BA Connect. The transaction also brings us closer to Bombardier who we have been supporting for nearly 20 years,” he added.

David Attenburrow, Flybe’s Director of Fleet Planning, said: “We are delighted to close these aircraft financings with NAC and we are pleased to welcome them, our eleventh aircraft lessor, to Flybe. Throughout the recent challenging economic and financial climate, we are very pleased to say that we have financed all of our aircraft on time and on budget. In 2009 alone we financed the deliveries of eleven new aircraft.”

www.nac.dk