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‘Nordic Aviation Capital’ enters into a $100 million revolving investment facility with KIRK Aviatio

Direct News Source

18-Jan-2010 Nordic Aviation Capital (“NAC”), the world’s largest turboprop lessor, announced today it has entered into a $100 million revolving investment facility with Denmark’s KIRK Aviation (“KIRK”), a subsidiary of KIRK Kapital.

The deal, NAC's second investment transaction with KIRK Aviation, builds on a strong relationship between the two organisations, first realised in their joint investment of 39 ATR72 aircraft leased to American Airlines in 2008.

"We are excited about this new transaction. We are proud of our relationship with KIRK, one of the most respected and largest investment funds in Denmark. This new facility will enable us to continue with our strategy to build a joint portfolio of primarily regional aircraft, including new-build types," said NAC Chairman of the Board Martin Møller.

The move comes after a very positive half year for NAC, Møller noted. (Its fiscal year ends on June 30, 2010). "We have increased the portfolio to over 130 aircraft and our mainstay ATR, Fokker 50, Saab, ATR and Dash 8 fleet now includes several Boeing 737s and Bombardier CRJs. NAC has also concluded a number of lease renewals in the past few months - at longer renewal terms than anticipated. "We are seeing that many airlines are being cautious holding on to a fleet type they are comfortable with in these turbulent times and that situation is good for us," he noted.