Republic Airways, the regional airline operating a service as American Eagle, Delta Connection and United Express in the US, has leased six Embraer 170s from TrueNoord, the specialist regional aircraft lessor. These aircrafts have been operating with Republic Airways since 2005 and have now been purchased by TrueNoord with leases attached from GA Telesis. This is TrueNoord’s first fleet deal in North America.
Financing was provided under a bilateral term loan facility supported by Erste Bank. Pillsbury, Winthrop, Shaw, Pittman LLP advised TrueNoord on the transaction.
In closing this milestone deal, TrueNoord adds a new aircraft type to its portfolio and increases their E-Jet fleet to 28, of which six are Embraer E170s, and the total fleet to 41 including 12 turboprops.
Anne-Bart Tieleman, CEO – TrueNoord, said “We are delighted to work with Republic Airways and this marks TrueNoord’s first investment in aircraft flying across the US. Our experienced in-house technical, asset management, legal and financial teams work closely with customers across all global jurisdictions to originate, administer and close transactions. This deal represents a significant development for the Company and sees us firmly establish a global footprint with our regional aircraft portfolio that now spans operators across Europe, the Americas and Asia.”
Garry Topp, Sales Director – TrueNoord, responsible for the Americas, commented “As a specialist lessor of regional aircraft, acquiring six Embraer E170s on lease to a leading operator like Republic Airways denotes a positive start to our North American business. It is rewarding to see our exposure growing as these aircraft join the fleet that we already own and lease out in Latin America.”
On behalf of Republic Airways, CFO – Joe Allman added “Republic operates the world’s largest fleet of Embraer regional jets so we welcome TrueNoord as a specialist regional lessor partner. This is a new commercial relationship and we look forward to working with their experienced and professional team.”