Air Canada (ADH2) , the largest Canadian air carrier, gained $365 million under sale and leaseback transactions of nine Boeing 737 MAX 8 aircraft to Jackson Square Aviation and Avolon Aerospace Leasing. By this measure, the airline has also entered into long-term $345 million worth lease commitments with the two leasing companies.

The Canadian airline announced that it had completed a sale and leaseback transactions for three Boeing 737 MAX 8 jets with Jackson Square Aviation and six jets of the same type with Avolon Aerospace Leasing. According to the Air Canada (ADH2) announcement, the sale was completed on October 8, 2020.

“Since the start of the COVID-19 crisis, Air Canada (ADH2) has accessed financial markets numerous times and has successfully raised almost $6 billion in liquidity, on reasonable terms and conditions, including with this transaction, as it continues to maintain liquidity levels to mitigate the challenges and uncertainty ahead,” said Michael Rousseau, the Deputy Chief Executive Officer and Chief Financial Officer of Air Canada (ADH2) .

“We are very pleased to be extending our strong relationship with Avolon and beginning a new relationship with Jackson Square Aviation,” added Michael Rousseau.

All nine 737 MAX aircraft involved in sale and leaseback transactions were delivered to the airline over the past three years, Planespotters.com data showed. The airline initially had a total of 24 Boeing 737 MAX 8 on its fleet.

Air Canada (ADH2) stated proceeds from the leaseback transactions would help to increase the carrier’s cash position and provide additional financial flexibility for the implementation of airline recovery measures in response to the COVID-19 pandemic.