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Air Berlin PLC and ICBC Financial Leasing Co. Ltd. signed a package deal for 18 aircraft

Direct News Source

25-Nov-2010 The first Chinese financial leasing company established by a commercial bank - ICBC Financial Leasing Co. Ltd. and Air Berlin PLC signed a package deal for 18 aircraft – covering used and new narrowbody aircraft, all equipped with CFM engines.

The total deal size is approximately USD 700 million.

This benchmark transaction consists of two parts: an outright sale of four Boeing B737-800 and six Airbus A320-200 and sale-and-lease-back of two Airbus A319-100, two A320-200 and four Boeing 737-800 aircraft. Having closed partially in September 2010, both companies are looking forward to the execution of the majority of these transactions in 2011 and 2012.

"As a young Chinese leasing company, ICBC Leasing is excited to enter into such a huge transaction and have airberlin as our latest major client. Already being successful in launching international businesses since 2009, we have been expanding our portfolio and will continue to grow our presence in global market. We hope to solicit more big and prestigious aviation names such as airberlin into our customer list," Johnny Lau, Managing Director and Global Head - Aviation Finance of ICBC Leasing proclaimed.

"We are pleased to announce this important transaction for airberlin which is further enhancing airberlin's financing portfolio by tapping the Chinese financial market. It creates a solid and trustful basis for additional future business between the two companies and we are looking forward to develop it," commented Ulf Hüttmeyer, CFO Air Berlin PLC.