TrueNoord has signed a strategic agreement with Greek operator SKY express for new ATR-600s that are on a phased fleet induction program with operating leases. Funding for the aircraft was provided by TrueNoord’s revolving warehouse facility underwritten by Citibank, Société Générale, and Royal Bank of Canada. CMS acted as legal counsel for TrueNoord on the acquisition. Milbank represented TrueNoord on the financing with Clifford Chance advising the lenders.
This current deal concerns the new ATR72-600s that SKY express is introducing from ATR to replace the existing fleet of ATR72-500s that are currently in operation. The acquisition fits perfectly with the SKY express’ strategy to operate the youngest and greenest fleet in Greece. It will ensure ongoing and sustainable regional operations and connectivity across its expanding network including all popular Greek islands. Based in Athens, SKY express operates the largest network in Greece (35 destinations), as well as 13 international destinations (London Heathrow, Larnaca, Brussels, Paris CDG, Rome, Lyons, Nantes, Lille, Hamburg, Dortmund, Amsterdam, Gratz, and Klagenfurt) launched during 2021. It has brokered interline agreements with worldwide carriers such as KLM, Air France, Qatar Airways, American Airlines, Middle East Airlines, Air Serbia and Cyprus Airways.
“With these new acquisitions and our partnership with TrueNoord we continue SKY express’ steadily upward course and deliver on our promise to operate one of the greenest and youngest fleets in Europe. With sustainable investments, strong long-term partnerships forged during challenging times, and an innovative customer-centric approach, we will build a dynamic future.” states Vasiliki Christidi, IOGR Group General Manager.
