Icelandair has completed financing of all 12 Boeing 737 MAX aircraft ordered back in 2013, by agreeing deals for the final three jets with lessor Aviation Capital Group.

The carrier has agreed a sale and leaseback for two Boeing 737 MAX 8 aircraft and a finance lease for one 737 MAX 9, it announced in a statement to the stock exchange on October 1, 2021. 

The three aircraft are due to be delivered in December 2021 and January 2022. 

Icelandair said the financing with Aviation means it will not have to use the backstop financing it put in place previously for the three aircraft with BOC Aviation. 

“The campaign we ran for this financing resulted in favorable terms, that both show the faith that financiers have in the value and the opportunities of the aircraft, as well as in the strength of Icelandair and its business model,“ Icelandair chief executive Bogi Nils Bogason commented. 

Icelandair had initially ordered 16 737 MAX aircraft in 2013, but reduced the order to 12 as part of a settlement reached with Boeing over damages for the grounding of the jet. 

 

READ MORE:
 
Icelandair’s Chief Operations Officer, Jens Thordarson, announced his resignation from the airline group’s executive board.