News — 2017
SMBC Aviation Capital concludes two aircraft deal with new customer Philippine Airlines
-First A350 to be operated by a Philippine based airline-
31st May 2017: Philippine Airlines (PAL) and SMBC Aviation Capital have concluded a transaction for two Airbus A350-900 XWB on sale and leaseback which includes the financing of Pre-Delivery Payments to Airbus. The aircraft, which will be the first of its type to be added to the PAL fleet, are scheduled for delivery in 2018 and will be fitted with Rolls Royce Trent XWB-84 engines.
The addition of the A350 XWB forms part of the airline's fleet modernization program.
Speaking on conclusion of the transaction, PAL President and Chief Operating Officer Jaime J. Bautista said, "We are very pleased to conclude this transaction with SMBC Aviation Capital which successfully marks the financing of the first two of our A350-900 aircraft due for delivery beginning June 2018. These aircraft will allow PAL to fly non-stop between Manila and New York all year round as well as service the rest of the carrier's long - haul destinations and bring a new level of comfort and service to our passengers."
The transaction also marks the beginning of a new relationship between PAL and SMBC Aviation Capital.
Peter Barrett, CEO of SMBC Aviation Capital, added: "This deal demonstrates our ability to finance large deals of scale with innovative financing solutions for our customers. The strength of our portfolio is further enhanced by the addition of the A350 which is 25% more fuel efficient than its predecessor and will ultimately deliver greater cost savings for the airline. Today also marks the beginning of a new customer relationship with PAL. We are delighted to provide the airline with its first A350 and to further extend our presence across Asia."
-First A350 to be operated by a Philippine based airline-
31st May 2017: Philippine Airlines (PAL) and SMBC Aviation Capital have concluded a transaction for two Airbus A350-900 XWB on sale and leaseback which includes the financing of Pre-Delivery Payments to Airbus. The aircraft, which will be the first of its type to be added to the PAL fleet, are scheduled for delivery in 2018 and will be fitted with Rolls Royce Trent XWB-84 engines.
The addition of the A350 XWB forms part of the airline's fleet modernization program.
Speaking on conclusion of the transaction, PAL President and Chief Operating Officer Jaime J. Bautista said, "We are very pleased to conclude this transaction with SMBC Aviation Capital which successfully marks the financing of the first two of our A350-900 aircraft due for delivery beginning June 2018. These aircraft will allow PAL to fly non-stop between Manila and New York all year round as well as service the rest of the carrier's long - haul destinations and bring a new level of comfort and service to our passengers."
The transaction also marks the beginning of a new relationship between PAL and SMBC Aviation Capital.
Peter Barrett, CEO of SMBC Aviation Capital, added: "This deal demonstrates our ability to finance large deals of scale with innovative financing solutions for our customers. The strength of our portfolio is further enhanced by the addition of the A350 which is 25% more fuel efficient than its predecessor and will ultimately deliver greater cost savings for the airline. Today also marks the beginning of a new customer relationship with PAL. We are delighted to provide the airline with its first A350 and to further extend our presence across Asia."
For more information please contact:
Orla Benson, SMBC Aviation Capital, Mobile: 00 353 86 047 4343
Ben Griffiths/Selene Alford, Powerscourt: +44 7753 464 637 / +353 87 642 8844
About PAL
Philippine Airlines - Asia's first airline - is the national flag carrier of the Republic of the Philippines. PAL is the country's only full-service carrier, setting the standards in airline service for more than seven decades. The airline, with a fleet of 81 aircraft, flies to 30 domestic and 45 international destinations. PAL has introduced service enhancements in-flight and on-ground and the airline's flight route network covers Asia, Oceania, the United States and Europe.
About SMBC Aviation Capital
SMBC Aviation Capital is one of the world's leading aircraft lessors, with over 100 airline customers in 44 countries. As of 30 September 2016, the company owns, manages and is committed to purchase 669 aircraft. Established in 2001, the company rebranded to SMBC Aviation Capital in 2012 following its acquisition by a consortium comprising two of Japan's biggest companies SMFG and Sumitomo Corporation.
About Airbus A350
The A350 XWB is Airbus' all-new family of widebody aircraft designed for medium- to long-haul airline operations. Over 70% of the A350 XWB's airframe is made from advanced materials, combining 53% composite structures with titanium and modern aluminium alloys. The A350 XWB's fuselage - built with carbon-fibre reinforced plastic - supports lower fuel burn and is corrosion and fatigue free, resulting in lower maintenance costs and 25% less CO2 emissions than the aircraft it replaces. Compared to current CAEP6 (ICAO's Committee on Aviation Environmental Protection) regulations, the A350 XWB displays comfortable margins: 99% below the hydrocarbons limit, 86% below carbon monoxide limit, 60% below the smoke limit, and 35% below the mono-nitrogen oxide (NOx) limit.
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