TUI Signs Sale And Leaseback Deal With BOC Aviation For 5 New Boeing 737 MAX-8 For $226 Mln

(RTTNews) - Tour operator TUI AG (TUIFF.PK) Monday confirmed the signing of a sale and leaseback or SLB agreement with BOC Aviation Ltd for five new Boeing 737 MAX-8 aircraft for the aggregate sum of $226 million or around 193 million euros.

The first aircraft is expected for delivery in the first quarter of fiscal 2021, while the remaining four aircraft are expected to be delivered ahead of the Summer 2021 season.

TUI noted that SLB agreement with BOC Aviation, in line with its asset-right strategy, will finance five new Boeing 737 MAX-8 aircraft as part of its planned re-fleeting programme.

The company expects the lease agreement with BOC Aviation would create a total lifetime lease obligation of around 223 million euros to commence by the end of fiscal 2021.

The company expects further SLB financing on its future deliveries beyond fiscal 2021, in line with its newly agreed deferred re-fleeting programme with Boeing.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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