Ethiopian Airlines leases Dash 8-400 aircraft from TrueNoord
Ethiopian Airlines has signed an eight-year sale-leaseback agreement with TrueNoord, the specialist regional aircraft lessor, for two more factory-new Dash 8-400 aircraft. Manufactured by De Havilland of Canada, the new Dash 8-400 aircraft (MSN4626 and MSN4628) will be added to the fleet for immediate entry into service. Financing for the aircraft was provided by TrueNoord’s revolving warehouse underwritten by Citibank, Société Générale and the Royal Bank of Canada. Milbank represented TrueNoord and Clifford Chance represented the lenders on the financing.
Maarten Grift, TrueNoord’s Director of Sales for Africa, Middle East and CIS, observes that Ethiopian Airlines’ growing portfolio will further enhance its strong reputation for quality services and innovation. “TrueNoord is delighted to have been chosen to support its regional connectivity with the versatile and economical Dash 8-400 aircraft. Increased capacity will allow Ethiopian to strengthen its services domestically and expand route choice through neighboring countries in East Africa.
Now celebrating 75 years of excellence, Ethiopian Airlines has become the continent’s premier air carrier. Operating at the cutting edge of aviation technology, the airline is also one of Ethiopia’s leading industries and a respected institution in Africa. A dominant force on the Pan-African network, it currently serves 127 international destinations and 22 domestic destinations, operating the newest and youngest fleet in the region.
Mesfin Tasew, Group CEO of Ethiopian Airlines, explains that “the airline is growing with an important mission to explore new technologies alongside environmental issues and economic solutions. The organization is committed to a sustainable future for regional aviation and is preparing to meet new demands. He added: “Our growing relationship with TrueNoord is built on their ability to provide convenient and timely rental options that support our evolving business model. We have continued to use the Dash 8-400 model as it is the ideal aircraft to service our extensive national and regional network.
“We are delighted that TrueNoord is investing in the Dash 8-400 aircraft for its portfolio — enhancing De Havilland Canada’s reputation for building aircraft with long-term value retention for operators and owners,” said Philippe Poutissou, Vice President, Sales and Marketing. , De Havilland Canada. “Sale-leaseback transactions, such as the one announced today between TrueNoord and Ethiopian Airlines, provide increasingly valuable support to our operators as they strive to deliver efficient air travel around the world. .”
“As we work together in an industry that faces sudden change and disruption, it is essential for TrueNoord to support our tenants globally,” says Anne-Bart Tieleman, CEO of TrueNoord. “We are delighted that Ethiopian Airlines is our first tenant in Africa and that our portfolio of Dash 8-400 aircraft has grown to three in six months.”
The sustained provision of commercially viable direct flights between African domestic destinations will help drive economic progress across the continent and, as the premier operator, Ethiopian Airlines is at the forefront of this activity. “This latest sale and leaseback agreement is proof of their strong credit standing and global reputation, making them the perfect airline partner and our relationship is open to future growth,” Tieleman said.
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