Finance Facility & Delivery of Fiji Link Aircraft

RNS Number : 5545I

Avation PLC

02 June 2014

 



RNS: AVAP

2 June 2014

AVATION PLC

(the "Company")

FINANCE FACILITY AND DELIVERY OF FIJI LINK AIRCRAFT

Avation PLC, (LSE: AVAP) the commercial passenger aircraft leasing company, today announces that further to its announcement of 24 October 2013 it has taken delivery of its sixteenth new ATR 72 aircraft. This ATR 72-600 aircraft is leased for a twelve year period to Fiji Airways and operated by its regional subsidiary, Fiji Link.

The aircraft was funded with the Company's own resources and supplemented by additional commercial debt totaling US$16,000,000. This financing has been secured at competitive commercial rates from a European commercial bank which is a new financier to the Company.

Commenting today, Jeff Chatfield, Executive Chairman of Avation PLC said: "The delivery of this additional new ATR 72 aircraft, and the Company's first 12 year lease, continues the implementation of the Company's growth strategy and the further expansion of our customer base. This new aircraft immediately contributes positively to the continuing growth of the Company's revenues and profits with expansion of our leased aircraft asset base. We thank Fiji Airways for their support."

Fiji Airways' Managing Director and CEO Stefan Pichler said: "We're very pleased to receive delivery of the new ATR 72-600. It will be the flagship aircraft for the rebranded Fiji Link, and crucial to our Five Year Master Plan to grow our regional and domestic network."

-ENDS-

More information on Avation PLC can be seen at: www.avation.net

Enquiries:

Avation PLC                                       Jeff Chatfield, Chairman   W H Ireland                                       Harry Ansell / James Joyce    Cenkos Guy Briselden    Blytheweigh Tim Blythe / Eleanor Parry

[phone] [phone] [phone] [phone]

 

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