NOVATO, Calif. and NADI, Fiji, Sept. 19, 2017 (GLOBE NEWSWIRE) -- Willis Lease Finance Corporation (NASDAQ:WLFC) completed a sale and leaseback transaction on three 737NG aircraft with Fiji Airways, supported by the Willis Lease ConstantThrust™ program. The deal includes elements from Willis Lease’s leasing, trading, and materials businesses to provide a comprehensive tailored solution designed to support Fiji Airways’ fleet renewal plan as they transition out of Boeing 737NGs and into the Boeing 737MAX.
“We are very pleased to have completed this transaction and are proud to support Fiji Airways,” said Brian R. Hole, President of Willis Lease Finance. “Through our ConstantThrust™ program, Fiji Airways will leverage access to our fleet planning capabilities and existing CFM56-7B portfolio to reduce or eliminate the need for engine maintenance as these aircraft transition out of Fiji Airways’ fleet. When an engine needs to be removed, we will simply provide a replacement and when the aircraft are ready to exit the fleet, the re-delivery process will be seamless with few airframe return conditions,” said Mr. Hole. “It is an honor to welcome Fiji Airways to the growing stable of airlines who are taking advantage of the considerable cost benefits and fleet flexibility that our ConstantThrust™ program brings to airlines bridging from current generation to new technology aircraft.”
“We selected Willis Lease because of their unique ability to create and deliver a custom built, comprehensive and cost-effective solution that will significantly lower the cost of operating our 737NG fleet as those aircraft transition out of our fleet and our new 737MAX aircraft transition in,” said Andre Viljoen, Managing Director & CEO of Fiji Airways. “We are looking forward to building a relationship with Willis Lease to ensure our narrow body fleet transition remains seamless and our customer experience is consistent.”
Willis Lease Finance
Willis Lease Finance Corporation leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair and overhaul providers in 120 countries. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services supported by cutting edge technology through its subsidiary Willis Asset Management, as well as various end-of-life solutions for aircraft, engines and aviation materials provided through its subsidiary, Willis Aeronautical Services, Inc.
About Fiji Airways
Founded in 1951, Fiji Airways Group comprises of Fiji Airways, Fiji’s National Airline and its subsidiaries: Fiji Link, its domestic and regional carrier, Pacific Call Comm Ltd, and a 38.75% stake in the Sofitel Fiji Resort & Spa on Denarau Island, Nadi. From its hubs at Nadi and Suva International Airports, Fiji Airways and Fiji Link serve 69 destinations in 15 countries (including code-share). Destinations include Fiji, Australia, New Zealand, the US, Canada, the UK, Hong Kong, Singapore, India, Samoa, Tonga, Tuvalu, Kiribati, Vanuatu and Solomon Islands. The Fiji Airways Group brings in 64% of all visitors who fly to Fiji, employs over 1000 employees, and earns revenues of over FJD$815M (USD$390M). Fiji Airways rebranded from Air Pacific in June 2013. Visit www.fijiairways.com for more information.
CONTACT: Scott B. Flaherty
Chief Financial Officer
Source:Willis Lease Finance Corp.