$21M lease for new Fokkers
PA Wellington The Bank of New Zealand has arranged a leveraged lease of $2l million for Air New Zealand. The lease covers four new Fokker Friendship F 27 aircraft delivered to the airline over recent months.
Although it has been involved in leverage leases in the past, this is the first time that the bank has negotiated such an agreement for Air New Zealand. A subsidiary, B.N.Z. Aircraft Leasing, Ltd, has been established for the purpose.
As well as providing debt and equity, B.N.Z. is also acting as manager of the lease and agent to the debt parties. The bank’s general manager, Mr W. J. Shaw, said that leveraged leasing was often an appropriate way of financing large capital items. “This is particularly the case where the initial cash outlay is large and the cash flow generating from the use of these items is spread over a number of years, as is the case with Air New Zealand’s new Fokker aircraft,” he said.
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Press, 20 October 1981, Page 3
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168$21M lease for new Fokkers Press, 20 October 1981, Page 3
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