Jackson Square Aviation Announces A319 Sale/Leaseback With Avianca and Execution of Two Debt Facilities With NordLB
SAN FRANCISCO, April 12 /PRNewswire/ -- Jackson Square Aviation, LLC is pleased to announce the delivery of one Airbus A319-115 to Aerovias del Continente Americano S.A. ("Avianca"), Colombia's leading airline. This transaction represents a continuation of Jackson Square's long relationship with Avianca and the second sale/leaseback transaction of its new fleet, which is being built in partnership with Oaktree Capital. Norddeutsche Landesbank Girozentrale ("NordLB") provided Jackson Square with long-term debt financing on this aircraft and has also provided financing on an A320 which Jackson Square purchased at delivery and leased to Avianca in February 2010.
"This is an exciting time for Jackson Square, as we have recently launched our new brand and have added another excellent transaction to our growing fleet," said Scott Weiss, Jackson Square's COO and EVP of Capital Markets. "Avianca has been a great customer of ours over the years and we're thrilled to be able to conduct more business with one of Latin America's strongest airlines. And we're excited to have executed our first debt financing, as NordLB is a great partner for us as we build out our portfolio of next-generation aircraft. We have over $1 billion in committed aircraft purchases already, and we're working hard to provide as much capital as possible to our worldwide customer base."
Fabio Villegas, Avianca's Chief Executive Officer, said, "Avianca appreciates Jackson Square Aviation's support for our fleet renewal plan, which will help us to reduce fuel costs, improve overall fleet reliability, and achieve higher passenger comfort levels. With the current volatility of oil prices, fuel-efficient aircraft are a key competitive advantage." Avianca provides domestic and international passenger and cargo air service to and within Colombia, where the topography and distances between cities make air transportation vital.
Oliver Gruenke, NordLB's Deputy Head of Global Aircraft Finance, commented that NordLB is delighted to add Jackson Square and Avianca to its client list. "Our bank has been among the most active aviation lenders in this environment, and business with companies like these fit our growth agenda perfectly. It is our full intention to finance Jackson Square on many future transactions as well, as they lease to the world's major airlines."
About Jackson Square Aviation, LLC: Jackson Square is a full-service aircraft leasing company based in San Francisco with offices in Seattle, Miami, and Buenos Aires, with European and Asian offices opening in 2010. The management team, which had previously worked together at Pegasus Aviation and Sky Holding, has over 100 years of combined industry experience. The team has collectively acquired over $10 billion of aircraft, has purchased and/or remarketed over 400 aircraft, and has developed relationships with over 30 commercial lenders and investment banks across Europe, Asia and North America. Jackson Square is equity funded with a $500 million commitment from its management team and Oaktree Capital Management, L.P., a premier global alternative and non-traditional investment manager with over US$70 billion in assets under management.
About Avianca: Avianca was the first airline founded in the Americas and the second one in the world. Along with Ocean Air in Brazil and Vip S.A. in Ecuador, it is part of the Synergy Aerospace Group. With more than six thousand direct collaborators and a fleet of 58 short, medium and long range aircraft, Avianca currently operates directly to 21 destinations in Colombia and 22 points in the Americas and Europe. From its hub in Bogota, the company offers an average of 250 flights per day connecting its domestic and international destinations. Passengers have more than 6,000 options for connections between destinations operated both directly and through code share agreements with other internationally renowned companies. In addition to its passenger air transport services, Avianca provides tourism, mail, cargo, and courier transport services, as well as aeronautical assistance services, through its Business Units: Avianca Tours, Deprisa and Avianca Services. Avianca also has code-share agreements in place with Iberia and Mexicana de Aviacion. At the end of 2009, Avianca's shareholders announced the signing of an agreement with the TACA Group, geared towards a strategic union of their business, with the purpose of strengthening each airline's position and capacity in the Americas. For additional information, please visit www.avianca.com.
SOURCE Jackson Square Aviation, LLC
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