US$31 refinance and lower cost of debt

RNS Number : 4471Z

Capital Lease Aviation PLC

11 December 2014

 



RNS: CLA                                                                                                                                                                   December 11, 2014

CAPITAL LEASE AVIATION PLC

("CLA" or "the Company")

$31m refinance and lower cost of debt

Capital Lease Aviation PLC (AIM: CLA), the commercial passenger aircraft leasing company, announces that it has successfully refinanced two A321-200 aircraft currently on lease to Thomas Cook Airlines. The new loan facility of US$ 31 million, which is from a major European bank, reduces the group's overall interest rate cost of debt on the two aircraft by 30% per cent compared with the cost of the old facility and releases approximately US$10 million in cash. The new facility amortises to a conservative balloon payment over the remaining 6.25 years of the lease term for the aircraft.

Jeff Chatfield, Executive Chairman, said: "The refinance of these two A321-200 aircraft on lease to Thomas Cook Airlines is confirmation of the value and bankability of the CLA fleet and it will have an immediate and positive impact on the group's financial position."

--ENDS--

More information on CLA can be seen at: www.cl-aviation.com

Enquiries:

Capital Lease Aviation PLC                                                                                          [phone]

Jeff Chatfield, Executive Chairman

Nominated Adviser                                                                                                        [phone]

James Joyce, WH Ireland

Company Stockbroker                                                                                                   [phone]

WH Ireland

Blytheweigh                                                                                                                      [phone]

Tim Blythe / Eleanor Parry                                                          

 

END

 

 

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