Sale and leaseback is for six Boeing 737-600s
As part of the most recent plan to improve the financial position of SAS Group, the sale and leaseback has been completed for six Boeing 737-600s to Deucalion Capital X Limited and the Irish based engine leasing company ELFC (Engine Lease Finance Cooperation), acting jointly.
The lease periods are four to five-and-a-half years and SAS Group says that the net cash effect is estimated at SEK 500 million (€57.4 million).
“This sale and leaseback transaction represents an important step in the improvement of SAS’ financial position,” said Göran Jansson, SAS Group CFO. “In February, we succeeded with a sale and leaseback agreement on spare engines and we now further increase our liquidity from asset sales with this agreement.”
SAS also reports that on July 30 it managed to accomplish a private placement of €35 million. The private placement is unsecured and has a five-year term. The funds will be used to support the airline’s longer term liquidity level and to pay off upcoming unsecured maturing debt.
[pictured: Boeing 737; photo courtesy SAS]