Willis Lease Finance Corporation signs historic regional contract
COCONUT CREEK, Fla., March 29, 2022 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“Willis Lease”) announced that it has entered into lease agreements with Transportes Aéreos Guatemaltecos (TAG Airlines) (“TAG”) for four ATR 72-500 aircraft. The five-year agreement provides for the overhaul and refurbishment of the aircraft, fitted with new Pratt & Whitney Canada PW127M engines.
“Over the past two years, our regional and specialty asset group has focused on growing through opportunistic procurement rather than traditional sale-leasebacks,” said Austin C. Willis, Managing Director of Willis Lease, effective April 1, 2022. “This has enabled us to provide quality aircraft and engines at attractive prices to our customers. We purchased these aircraft at the end of 2021, and we are delighted to have signed these leases with TAG.
The ATR72-500 aircraft is known to be one of the most efficient and environmentally friendly aircraft in the world. The aircraft can accommodate up to 74 passengers in a spacious two-by-two seat configuration.
“These four aircraft represent our flight into the future,” said Julio Gamero, TAG’s CEO. “We worked with Willis Lease as a team to get the aircraft to Guatemala in ‘like new’ condition. The interiors are new, the engines are new, the cells have been completely overhauled, stripped and then painted in our new TAG livery. We are delighted to offer these aircraft to our customers in Guatemala and throughout our network. »
In addition to aircraft leases, TAG will be included in Willis Lease’s ConstantThrust™ program. Under the agreement, program maintenance and engine servicing is overseen by Willis Lease, including the supply of spare engines when needed. “This is the first time we’ve signed a regional airline to our ConstantThrust™ program,” said Willis. “To date, we have provided ConstantThrust™ to our large fan motor customers. With TAG’s signature, we are innovating, improving service levels for regional carriers and providing them with the same kind of superior service, dispatch reliability and support enjoyed by major international air carriers. Aircraft deliveries are expected to begin in the first half of 2022.
Willis Lease Finance Corporation
Willis Lease Finance Corporation leases spare large and regional commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing businesses are integrated with engine and aircraft trading, engine leasing pools and asset management services backed by advanced technology through its subsidiary, Willis Asset Management Limited, as well as various end-of-life solutions for aircraft engines and equipment provided by its subsidiary, Willis Aeronautical Services, Inc.
Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not place undue reliance on forward-looking statements, which give only expectations about the future and are not guarantees. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them. Our actual results may differ materially from the results discussed in the forward-looking statements. Factors that could cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as terrorist activities and the COVID-19 pandemic; changes in oil prices and other disruptions in world markets; trends in the airline industry and our ability to capitalize on these trends, including market growth rates and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate the purchase, sale and lease of equipment, collect amounts due and control costs and expenses; changes in interest rates and the availability of capital, both to us and to our customers; our ability to continue to meet changing customer demands; regulatory changes affecting flight operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the company’s annual report on Form 10-K and other ongoing reports filed with the Securities and Exchange Commission.
|CONTACT:||Scott B. Flaherty|