El Al signs agreement to sell two CFM engines

El Al Israel Airlines has signed an agreement to sell and lease back two CFM engines, 56-7B, for an amount around $13-14m. EL AL leased back those engines for a period of 7 years at a lease rate of 0.75%-1.2% per month with an option to extend the contract by 5 years. As a result of the sale, EL Al is expected to recognize $9m of capital earnings in the first quarter of 2012.