AELF Leases Second 737-800 to FlySafair

Financing Provided by Investec

CHICAGO, IL / ACCESSWIRE / October 21, 2024 / Aircraft Engine Lease Finance, Inc. ("AELF") announced it has leased a Boeing 737-800 to South Africa's FlySafair, in a transaction financed by Investec Bank Limited ("Investec"). The 2016-manufactured aircraft, MSN 40972, is the second 737-800 the company has leased to the South African carrier this year.

"Partnerships like those with Investec and other financial services companies are key building blocks as AELF continues to implement its strategic growth plans," said Philip Scruggs, Board Member of AELF. "The latest lease to FlySafair marks another key accomplishment for the company this year."

This aircraft is one of several acquired by AELF recently, as it continues to add newer model 737-800s, seeking to fill excess demand created by the 737-MAX grounding and resulting delivery delays.

"We're very pleased to have successfully acquired and leased another 737-800, as we continue our 737-NG acquisition campaign," said Joe Cirillo, Chief Commercial Officer, of the transaction in which AELF brought together South African counterparties as seller, lender, and lessee. "Our thanks to Investec and congratulations to the team at FlySafair on the addition to its fleet."

"Investec is proud to have concluded its first deal with AELF. This transaction not only highlights our commitment to innovative financing solutions but also reinforces the importance of partnerships in driving growth within African aviation," said Bradley Gordon, Head: Aviation Finance at Investec in South Africa.

FlySafair recently announced its intention to transition from 737-400s into a 737-800 focused fleet.

"We're pleased to welcome another top-quality aircraft delivered by AELF into our fleet," said Kirby Gordon, Chief Marketing Officer for FlySafair. "Leases like this one enable us to continue offering a service that is affordable, reliable, and hassle-free."

About the AELF

Aircraft Engine Lease Finance Inc. ("AELF") is an experienced commercial aircraft lessor. Based in Chicago, AELF offers customized and flexible financing solutions to airlines and commercial aircraft operators worldwide. AELF has been in operation for almost a decade and owns a fleet of A330-200s and 737-800s as well as an engine portfolio. The company is strategically expanding its presence in the 737NG market.

About FlySafair

FlySafair, South Africa's leading international low-cost carrier, is a trade name for Safair Operations, based in Kempton Park, South Africa. The airline flies to 15 destinations in Sub-Saharan Africa. FlySafair, which uses the slogan For The Love Of Flying, is the most on-time, low-cost airline in the world.

About Investec

Investec partners with private, institutional, and corporate clients, offering international banking, investments, and wealth management services in two principal markets, South Africa, and the UK, as well as certain other countries. The Group was established in 1974 and currently has 7,500+ employees.

Investec has a dual listed company structure with primary listings on the London and Johannesburg Stock Exchanges. ICIB Disclaimer

Contact Information

Helena Padilla Siles
Communications Manager
hpadillasiles@aelfinc.com
+1 (872) 306 9388 (US)

SOURCE: AELF

View the original press release on newswire.com.