DALLAS and CLEVELAND, Oct. 21, 2013 /PRNewswire/ -- Today Flexjet, LLC – a newly created company funded by a group led by Directional Aviation Capital – announced it is doubling its recent Learjet 85 aircraft order of 30 aircraft by converting 30 options into firm orders for a total of 60 business jets valued at approximately $1.2 billion, based on the 2013 list prices. The options were originally purchased on September 5, 2013 as part of the historic order for up to 245 Bombardier business jets. Additionally, Flexjet, LLC is procuring incremental options for 20 Learjet 85 aircraft. This latest transaction increases the total firm aircraft order to $2.4 billion for 115 aircraft and 150 options. If all options are exercised, the total value of the order will increase from $5.2 to $5.6 billion.
"Anticipation for the Learjet 85 aircraft has been building since the program was first launched. In fact, we have already sold 68 shares to those eager to be the first to fly on the business jet that is set to redefine the midsize category," said Deanna White, President, Flexjet. "The Learjet 85 aircraft is poised to usher in a new generation in flight, and we relish the opportunity to welcome even more of these revolutionary new jets to our fleet."
"The original Learjet 85 order for 30 firm aircraft and 75 options was an indicator of how important we felt this midsize aircraft was to our core market," added Kenn Ricci, Principal, Directional Aviation Capital. "After reviewing our long-term fleet strategy and listening to customer needs, we believe the Learjet 85 aircraft will be a distinct competitive advantage and an important contributor to our future growth. This investment confirms our belief the Learjet 85 aircraft will undoubtedly meet the needs of our owners for many years to come."
Flexjet is the launch customer for the all-new Learjet 85 aircraft – the fastest and most spacious aircraft in its segment – and recently completed an exclusive six-city tour to showcase its high-performance advantages, innovative technology and unmatched comfort to hundreds of current owners and prospective customers. The first deliveries from today's order are scheduled to begin following the original firm aircraft order for 30 Learjet 85 aircraft.
Last month, Flexjet announced its purchase by a group led by Directional Aviation Capital and the largest private aviation order in its history valued at approximately $5.2 billion for up to 245 Bombardier business jets. The transaction for the sale of Flexjet is expected to close by the end of the year. Flexjet, the world's second largest fractional jet ownership services provider, currently manages one of the youngest collections of aircraft in the fractional jet industry – averaging approximately six years of age – which will be refreshed with each new aircraft delivery. Flexjet is the first fractional jet ownership company to offer shares on the Learjet 85 aircraft. For more information, please visit flexjet.com or directionalaviation.com.
Richardson, Texas-based Flexjet first entered the fractional jet ownership market in 1995. Flexjet now offers whole aircraft ownership and management, fractional jet ownership, jet cards and charter brokerage services. Flexjet's fractional aircraft program is the first in the world to be recognized as achieving the Air Charter Safety Foundation's Industry Audit Standard, and Flexjet is the first and only company to be honored with its 14th FAA Diamond Award for Excellence. Flexjet's fractional program fields an exclusive family of Bombardier business aircraft – one of the youngest in the fractional jet industry with an average age of approximately six years – including the Learjet 40 XR, Learjet 45 XR, Learjet 60 XR, Challenger 300 and Challenger 605 business jets. For more details on innovative programs and flexible offerings, visit www.flexjet.com.
Flexjet has an approved fractional ownership program pursuant 14 C.F.R. Part 91, Subpart K, and manages flights for individual aircraft owners under Part 91 whole aircraft management program.
All jet card flights are operated under Part 135 by U.S. air carriers. The Flexjet 25 Jet Card Program is operated under Part 135 by Jet Solutions, LLC, a U.S. air carrier. Flexjet acts as an agent for Jet Solutions, LLC, in connection with the Flexjet 25 Jet Card program. With regard to all other jet card flights, Flexjet acts as an agent for the air carrier or the customer in arranging transportation operated under Part 135 by the U.S. air carrier. Flexjet acts as an agent for the customer with on-demand charter broker services when arranging transportation operated under Part 135 by U.S. air carriers.
About Directional Aviation Capital:
Directional Aviation Capital is a private investment firm whose singular focus is private business aviation. Combining strategic aviation ownership, unmatched experience and revolutionary vision, Directional continues to innovate and reshape private aviation. Directional's unique industry expertise enables them to quickly understand business aviation companies and provide the financing and operational strategy needed to take advantage of evolving market opportunities. For more information, visit www.directionalaviation.com.
Bombardier, Challenger, Challenger 350, Challenger 605, Flexjet, Flexjet 25, Learjet, Learjet 40 XR, Learjet 45 XR, Learjet 60 XR, Learjet 75 and Learjet 85 are trademarks of Bombardier Inc. or its subsidiaries.
Completion of this transaction is subject to the approval of all required governmental and regulatory authorities and other customary closing conditions.