INTERFIL ALGERIE Soyez le premier informé
Turkish Airlines is pleased to announce the successful closing of a landmark financing for the delivery of two brand-new Airbus A350-900 aircraft, which will be operated by the company as part of its ever-growing fleet.
The Turkish flag carrier has successfully completed the delivery of two new A350-900 aircraft, combining Itasca insurance-backed financing with a Japanese Operating Lease with Call Option (JOLCO) structure, adding an innovative model to its diverse aircraft financing portfolio.
The successful completion of the transaction was made possible through the collaboration of distinguished international partners of Turkish Airlines. With the support of Itasca’s competitive insurance solution, Bank of China acted as the sole lender and facility agent in the JOLCO transaction, whilst JOLCO equity was arranged and underwritten by JP Lease. This transaction marks Turkish Airlines’ first Itasca JOLCO deal, as well as the first aircraft financing transaction between Bank of China and JP Lease and the national flag carrier of Türkiye.
Commenting on the successful closing of the transaction, Turkish Airlines’ Chief Financial Officer and Member of the Board and the Executive Committee, Assoc. Prof. Murat Şeker stated; “As Turkish Airlines, we are delighted to have successfully closed this milestone transaction, which not only reflects the confidence of our international financial partners but also demonstrates Turkish Airlines’ commitment to diversifying its funding sources through innovative and sustainable financing structures. I would like thank Itasca, Bank of China, and JP Lease for their ongoing support and valuable partnership. I also would like to congratulate Bank of China and JP Lease on their first aircraft financing transaction with Turkish Airlines. We continue strengthening our global partnerships while supporting our fleet expansion strategy.”
Arnaud Fiscel, London-based Head of Transportation at Bank of China said: “We are extremely delighted to support Turkish Airlines on the financing of these brand-new A350-900 aircraft. The successful execution of this transaction comes as a testimony to the strong relationship between Bank of China and Turkish Airlines. It also reflects the strength of our strong ability to deliver tailored solutions across the aviation sector, and we wish to congratulate all teams involved for an efficient and smooth closing of the financing.”
Teiji Ishikawa, President and Chief Executive Officer of JP Lease Products and Services Co., Ltd., added: “It is our utmost pleasure to support the financing of Turkish Airlines for its brand-new A350-900. This transaction demonstrates our strong relationship and commitment to the Turkish aviation sector, and we are proud to close this transaction as the equity provider, together with our esteemed and innovative partners.”
Gareth John, Chief Executive Officer of Itasca, said: “This transaction highlights the strength and versatility of Itasca’s financing platform and our ability to deliver innovative, insurance-backed solutions for leading global airlines. We are delighted to work with Turkish Airlines on this significant JOLCO financing, supporting the addition of two new A350-900 aircraft to its fleet and reinforcing our commitment to providing efficient, competitive funding structures across the aviation sector.”
Turkish Airlines remains committed to achieving its long-term strategic objectives by leveraging its strong financial management approach, and will continue to develop new structures in aviation finance through strategic collaborations with international partners, shaping the future of the industry.
Mohammed Bessaïah
