Japanese investors sign up for Cargolux B747-400 freighter lease

Cargolux Airlines International has closed its first Japanese operating lease with call option (JOLCO) transaction for a Boeing 747-400 freighter aircraft.
The transaction is the first of its kind for Cargolux on the selective Japanese market.
A JOLCO allows a lessee to exercise a purchase option for the aircraft at the end of the contract or at an earlier point.
Crédit Agricole CIB acted as overall arranger, facility agent, and lender, and DVB Bank is co-lender. Allen & Overy acted for Cargolux, while Norton Rose Fulbright acted for the lenders.
“We are pleased to have been able to close this transaction together with our partners within a very short time period,” says Maxim Straus, Cargolux executive vice president and chief financial officer.
“It reflects Japanese investors’ confidence in Cargolux and it opens further refinancing opportunities for our company. We see the JOLCO as the perfect complement to our existing finance portfolio.”
The airline revealed to Air Cargo News that it would use the three B747s that it receives this year as additional capacity, rather than replacing existing tonnage.
One of the aircraft is on the long-term lease while the other two have been purchased second hand.

Share this story

Related Topics

Latest freighter operator news

Market talk: CargoLogicAir suspends operations?

By Damian Brett

Rumours continue to circulate that UK-based freighter operator CargoLogicAir has suspended operations. Contacts have suggested that the airline has been…

Read More

Share this story

Turkish Cargo sees 7.1% tonnage surge in 2019

Turkish Cargo recorded a 7.1% tonnage increase in 2019 compared with a global air cargo market that fell by 4.4%….

Read More

Share this story

Joe Hete to retire as ATSG chief executive

Joe Hete will retire as chief executive officer of US-based freighter lessor Air Transport Services Group (ATSG) in May this year….

Read More

Share this story