Air Transat has entered into an engine sale and leaseback agreement for two Pratt & Whitney GTF spare engines with Rolls-Royce & Partners Finance (RRPF) Engine Leasing.
The transaction, valued at $45 million, will allow the airline to increase its liquidity while continuing to use the spare engines on an as-needed basis to power its A321LR fleet.
Proceeds from the sale will be used to partly repay the company's debt, while redeeming outstanding preferred shares and to fund its operations.