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.

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