Singapore-based Aviation PLC (Aviation) has entered into a sale and purchase agreement with an undisclosed airline for two new ATR 72-600 deliveries from the manufacturer, following an earlier exercise of purchase rights under Aviation's long-term aircraft purchase contract with ATR.
""The decision was made to sell these next two deliveries due to attractive economics,"" said Aviation executive chairman Jeff Chatfield. ""The company expects net cash proceeds of over $10 million at completion of the sales of the two aircraft with these proceeds earmarked for pre-delivery payments for Avation’s ten-aircraft ATR 72-600 order.""
The two aircraft are scheduled to be delivered in the fourth quarter of 2024 and in the first quarter of 2025.
Following the transaction, Aviation will be left with 10 ATR 72-600 aircraft on order for delivery from ATR between the last quarter of 2025 and 2028, along with purchase rights for a further 24 aircraft with an extended expiry date of June 2034.
The company also determined to pay cash for the interest coupon payable on Aviation Capital SA's senior PIK toggle notes due 2026 on May 15, 2024.
Aviation PLC sells two new ATR 72-600
