TrueNoord had added two Embraer E195 aircraft on lease to Portugália to its fleet. Both aircraft, MSN19000407 and MSN19000429, were purchased with leases attached from Brazilian operator Azul. The project was financed by TrueNoord’s revolving warehouse facility underwritten by Citibank, Société Générale and Royal Bank of Canada. Legal counsel for TrueNoord on the acquisition was CMS, with Milbank advising on the financing. With this acquisition, TrueNoord completes another significant milestone and reaches a fleet of 50 modern regional aircraft.
Garry Topp, Sales Director for TrueNoord responsible for the Americas, said, “This was a complex transaction carried out during the COVID-19 crisis. It was conceived, negotiated and executed by people working remotely on all sides. There was a real commitment to get it done and everyone involved showed great creativity, patience, discipline and teamwork to achieve success.”
Portugália Airlines is a Portuguese regional airline. It is a subsidiary of TAP Air Portugal and operates scheduled international and domestic services from its bases at Lisbon Airport and Porto Airport under the brand TAP Express. Renovation of their regional fleet has been a major initiative for the past five years and TAP Express operates the Embraer 190 and 195, as well as the ATR72-600, across its route network. These aircraft benefit from low emission characteristics and provide the airline with significant savings in fuel consumption.