airBaltic Completes Financing for Bombardier Q400 NextGen Aircraft

01.12.2010 the Latvian national airline airBaltic finalised financing for all of its Bombardier Q400 NextGen aircraft, and will receive the remaining 5 of the total 8 ordered aircraft in the coming weeks.

Bertolt Flick, President and CEO of airBaltic: “Completing financing for the Bombardier Q400 NextGen aircraft was a large transaction. These new, fuel-efficient, and state-of-the-art aircraft will allow airBaltic to maintain low unit costs. This is important in an environment, where fuel costs are growing and customers in our markets are becoming increasingly price-sensitive.”

The 8 Bombardier Q400 NextGen aircraft have been purchased by Nordic Aviation Capital AS (NAC) and will be leased to airBaltic. The value of the aircraft at list prices is 212 million USD.

Three of the aircraft purchased by NAC had been previously owned by airBaltic (value at list prices 79,5 million USD).

NAC is the largest provider of turboprop aircraft leasing in the world. The company provides aircraft to well-known carriers such as Lufthansa, American Airlines, US Airways, SAS, Flybe, TACA and other major regional carriers. Nordic Aviation Capital’s current fleet of over 130 aircraft includes, ATR 42, ATR 72, Bombardier Dash 8, Boeing 737, MD 83, CRJ 200, Fokker 50 and Saab 2000 aircraft.

airBaltic serves 80 destinations from its home base at Riga, Latvia. From every one of these, airBaltic offers convenient connections via North Hub Riga to its network spanning Europe, Scandinavia, Russia, CIS and the Middle East.

airBalticin brief:  

AIR BALTIC CORPORATION (airBaltic) is a joint stock company that was established in 1995. The primary shareholders are the Latvian state, with 52.6% of stock, and SIA Baltijas aviācijas sistēmas, with 47.2% of stock. The airBaltic fleet consists of 29 aircraft – six Boeing 737-500, eight Boeing 737-300, two Boeing 757-200, ten Fokker 50 airplanes and three Bombardier Q400Next Gen. airBaltic offers nonstop flights from three Baltic capital cities – Riga, Vilnius, and Tallinn. airBaltic received the title of Airline of the Year 2009/2010 (Gold Award) from the European Regions Airline Association. airBaltic is the winner of Air Transport World Phoenix Award 2010 – a global recognition of excellence in restructuring business. In summer 2010, airBaltic was chosen for anna.aero ANNIES Award as Europe's largest flag carrier by new routes. airBaltic won a special Pacesetter Award 2010 from the Jury of the Budgies World Low Cost Airline Awards, recognising achievements of airBaltic as a hybrid airline.

 

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