TUI Travel has raised $526 million with the sale and leaseback of 19 aircraft.
TUI will continue to fly the aircraft on operating leases with terms of between one and seven years and the proceeds will be used to reduce group debt.
The deal with Dutch aircraft leasing firm AerCap involves 11 Boeing 737-800s, six 757-200s and two 767-300ERs.
TUI Travel chief financial officer Paul Bowtell said: “We are delighted to have refinanced the aircraft which will further enhance the flexibility of our business model.”
The transaction has no impact on the discussions with Lufthansa over a potential merger between TUIfly and Germanwings, the company said. An update on this will be made “in due course”.
by Phil Davies
