BOC Aviation Limited (BOC Aviation) announced that it has entered into a purchase-and-leaseback transaction with Turkish Airlines for two 2016-vintage Boeing 777-300ER aircraft, both of which are expected to deliver to the Company in the second quarter of 2017.

“We are delighted to once more be supporting the Turkish Airlines’ group fleet plans, which add popular, in-demand aircraft on long-term leases to our portfolio,” said Robert Martin, Managing Director and Chief Executive Officer of BOC Aviation. “This transaction is another example of our disciplined investment as we further build our fleet and balance sheet in 2017.”

Bilal Eksi, Turkish Airlines’ Chief Executive Officer, said, “As the national flag carrier of Turkey and a leading global carrier as well that flies to more international destinations and countries, Turkish Airlines is keen on expanding its fleet over the last decade, as well as its portfolio of financiers. We are pleased to close another successful transaction with BOC Aviation as one of our most valuable long-term financing partners.”

Turkish Airlines reported that during the period of January-March 2017 passenger carried decreased by 8.0%, to 13.0 million passengers from 14.2 million passengers for the same period of 2016.  Decrease in number of passengers carried in domestic and international lines are 2.9% and 11.8%, respectively.

Turk Hava Yollari Anonim Ortakligi, also known as Turkish Airlines, is a company incorporated in Turkey and its shares are listed on the Borsa Istanbul. Its principal business is the operation of scheduled airline services, which is conducted from its primary hub at Istanbul Ataturk Airport. Turkish Airlines is a member of the Star Alliance and currently operating a fleet of 338 aircraft.

The airline now flies to 296 destinations in 119 countries.

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