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ALLEGIANT SECURES FINANCING FOR AIRBUS A320 CEO AND BOEING 737 MAX AIRCRAFT
LAS VEGAS, Oct. 3, 2023 /PRNewswire/ -- Today Allegiant Travel Company (NASDAQ: ALGT) announced financing commitments for seven Airbus A320 and four Boeing
About this update from Allegiant Travel Company
[{"type":"text","content":"LAS VEGAS, Oct. 3, 2023 /PRNewswire/ -- Today Allegiant Travel Company (NASDAQ: ALGT) announced financing commitments for seven Airbus A320 and four Boeing 737 MAX aircraft from BNP Paribas, Europe's leading bank, and Jackson Square Aviation (JSA), a leading global commercial aircraft lessor.\n\n \n \n \n \n \n \n\n \nThe innovative $412M deal combines banking and lessor capital to secure Allegiant's aircraft financing needs into the second quarter 2024, while providing the airline with healthy liquidity at an attractive cost in today's market.\n\"We are delighted with BNP Paribas and Jackson Square's creativity in providing what we believe is an efficient framework that affords us robust liquidity to support foundational investments in our fleet. This transaction taps into young A320 CEO aircraft and will also serve as the inaugural financing for our Boeing 737 MAX equipment,\" said Robert Neal, Allegiant's senior vice president and chief financial officer.\nAllegiant has drawn down $196 million on September 29, and the remainder will be drawn commensurate with its initial 737 MAX deliveries. \n\"Our relationship with BNP Paribas, spanning more than a decade, has been instrumental in our growth as an ultra-low-cost leader. We are thrilled to welcome Jackson Square Aviation as a new partner as we make air travel more affordable and accessible to leisure travelers,\" added Neal.\n\"We are delighted to provide Allegiant, a long-standing client of the bank, an innovative and first-of-its-kind financing solution which combines bank and lessor capital into one transaction. This transaction allows the airline to maximize value while having more structural flexibility to manage its aircraft fleet versus the more traditional aircraft financing alternatives,\" said Ankush Chowdhury, managing director & head of transportation banking and capital markets at BNP Paribas. \"BNP Paribas is honored to partner with Jackson Square Aviation as we continue to innovate in the world of aviation finance with the goal of providing efficient and thoughtful financing solutions to our aviation clients,\" added Chowdhury.\n\"It's a great pleasure to have Allegiant as a new airline customer for Jackson Square Aviation and we're pleased to be working together with a long-standing banking partner, BNP Paribas,\" said Chris Dailey, president & chief commercia...