Not a New Scheme
This is the second time that AY employs a financing scheme for new aircraft purchases. In 2020 AY secured loans in excess of €100m (US$119m) from UK export Finance, COFACE (France Compagnie Française d’Assurance pour le Commerce Exterieur), and the German consortium, which guarantees export credits and is composed by Euler Hermes Kreditversicherung-AG, PriceWaterhouseCooper-AG Wirtschaftsprufüngsgesellschaft (PwC).
This type of credit guarantee is available for qualified Airbus aircraft purchasers. AY used this facility to acquire an A350-900 which was delivered in September 2020. This financing was secured d by JPMorgan Chase Bank, NA, London Branch.
MIAMI – Finnair (AY) has found a new way to finance its 17th Airbus A350 on order by entering a lease financing agreement with JLSP Holding Ireland Ltd, which shall be both the lessor and the lender.
According to nouvelles-du-monde.com, the change is part of AY’s efforts to restore itself and navigate the current crisis impacting global air trade by achieving cost savings and pursuing traditional and conventional liquidity enhancement schemes.
Source:: “Airways Magazine”