Finnair secures financing for third A350 aircraft

Finnair has secured financing, arranged by BNP Paribas, for its third Airbus A350-900 XWB, which was delivered on December 30th, 2015. The transaction amounts to approximately €135m, implemented using a Japanese Operating Lease with Call Option (JOLCO) structure, where the transaction amount is treated in Finnair’s IFRS accounting as a loan and the aircraft as owned. The transaction is part of Finnair’s diversified financing plan for its ongoing long-haul fleet renewal program, which currently consists of 19 new Airbus A350-900 XWB aircraft scheduled for delivery between 2015 and 2023. As previously announced, the first two A350s that have already been delivered, and a further two expected to be delivered in 2016 and 2017, have been financed through sale and leaseback agreements with GECAS.