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30th June 2020
Sun Country Airlines is adding five Boeing 737-900ERs to its fleet, with the last to arrive during 2025.
The US carrier has acquired the aircraft from GOAL Aircraft Leasing, which will remain on lease to Oman Air until late 2024 when they will transition to Sun Country through to 2025.
Sun Country has financed the acquisition with a senior secured term loan facility provided by Mitsubishi UFJ Financial Group (MUFG).
Bill Trousdale, vice president, financial planning and analysis, and treasurer of Sun Country, commented on the secured facility. “Sun Country appreciates the partnership of MUFG that is allowing us to opportunistically acquire five aircraft in a tight market at favourable economic terms."
The spending plan is to "deploy capital to acquire the aircraft today while receiving lease revenue though 2025", the airline explained.
The deal means it can work around the growing "induction lead times" for second-hand airplanes caused by "supply chain constraints and engineering support."
"Relative to our 737-800 aircraft, it will increase the number of seats without a reduction in range or take-off performance. This transaction demonstrates our ability to find creative ways to source the right aircraft in any market environment," said chief executive Jude Bricker.
Commenting on the transaction, Benoist de Vimal, head of aviation originations in the Americas at MUFG, said: “We are excited to have closed this initial transaction with Sun Country. We appreciate Sun Country’s trust and look forward to further supporting the Sun Country team with their needs.”