SAS Group finalizes sale & leaseback of 19 spare engines

As part of the recently launched plan to improve the financial position of SAS Group, 4 Excellence Next Generation (4XNG), SAS has signed an agreement for the sale and leaseback of 19 spare engines.

There are two buyers: San Francisco-based Willis Lease Finance Corporation and Dublin-based Willis Mitsui Engine Support. The actual transactions are divided into four tranches, the first of which has already closed and the remainder scheduled to be completed by the middle of March. The market value of the deal is estimated at 120 million USD.

“We are very glad and proud to enter into this long term partnership with Willis and Willis Mitsui,” said Göran Jansson, SAS Group CFO. “Willis is one of the world’s largest engine lease companies and a quality brand in the industry. Part of our 4XNG plan for a profitable SAS is to increase liquidity from asset sales, and with this partnership and agreement we now deliver the first of our sales initiatives.”

“This sale and leaseback transaction with SAS is a milestone achievement for Willis and our joint venture leasing company Willis Mitsui not only because of its size but also its complexity,” said Charles F. Willis, Chairman and CEO, of Willis Lease Finance Corporation. “We are pleased to be able to support SAS and we are looking forward to a long and mutually beneficial relationship.”