5J signs two more operating leases

Enters deal with RBS Aviation

July 17, 2011

Dublin - Aircraft leasing company RBS Aviation Capital said yesterday it had entered an agreement to lease two A320-200s to Cebu Pacific, a low cost airline based in the Philippines.

RBS Aviation Capital granted a six-year sale and leaseback transactions for two brand-new Airbus A320 aircraft ordered by Cebu Pacific scheduled for delivery in March 2012.

The deal will be the 10th on the Cebu Pacific's A320 fleet as it currently operates nine aircraft under operating lease arrangements from other letting companies.

The airline boast a fleet of 10 Airbus A319, 15 Airbus A320 and 8 ATR-72 500 aircraft.

“These two leased A320 aircraft will further increase our fleet size, allowing us to offer lower fares and even more routes, destinations and flights to our guests. It will also enable us to continue expanding aggressively in the Asia-Pacific region, especially as we await delivery of more brand-new Cebu Pacific aircraft,” president and CEO Lance Gokongwei said in a statement.

The two A320s will be part of CEB’s order for 25 Airbus A320s to be delivered until 2016, and 30 Airbus A321neo aircraft to be delivered from 2017 to 2021.

Cebu Air has pending orders from aircraft manufacturing company Airbus for18 A320s which the airline is set to receive from the second half of this year up to 2014. Last month, it confirmed another order for seven more A320s and 30 Airbus 321neo aircraft worth $3.8 billion announced at the Paris Airshow, with delivery schedule between 2015 and 2021. Source of financing was not disclosed.

RBS Aviation Capital is a member of the Royal Bank of Scotland Group which is owned by the British government and has 100 airline customers and 36 investor customers in 38 countries.It was founded in 2001 when RBS acquired International Aviation Management Group.

“This is our first transaction in the Philippines, and our first lease agreement with Cebu Air. We look forward to new opportunities in the region and developing a key relationship with one of the country’s leading domestic carriers,” RBS Aviation Capital’s CEO Peter Barrett said.