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Porter Airlines Completes Sale and Leaseback Transactions for up to 19 Embraer E195-E2s

Porter Aircraft Leasing has completed a series of sale and leaseback financing transactions for up to 19 Embraer E195-E2s. The participating aircraft lessors include Azorra Aviation Holdings, Falko Regional Aircraft and Elevate Capital Partners.

Porter Airlines Embraer E195-E2 Rendering - Courtesy Porter Airlines

On Friday (November 12, 2021), Porter Airlines announced that Porter Aircraft Leasing Corp., a wholly-owned subsidiary of Porter Aviation Holdings, Inc. has entered into agreements for sale and leaseback transactions on up to 19 Embraer E195-E2 aircraft. The transactions were completed with three aircraft lessors including five aircraft with Azorra Aviation Holdings, LLC, five with Falko Regional Aircraft Ltd. and four aircraft with Elevate Capital Partners LLC. Porter also has the option for an additional five aircraft sale and leaseback transactions with Azorra. Seabury Securities LLC acted as advisor and placement agent to porter for these transactions, with Parr Brown Gee & Loveless acting as Porter’s lead legal counsel. The 19 aircraft will be delivered new to Porter in 2022 and 2023 as part of a previously announced order for 30 Embraer E195-E2s plus 50 options.

In today’s announcement, Porter’s Executive Vice President and Chief Financial Officer, Jeffrey Brown, said,

“Finalizing leasing agreements with three high-quality partners in Azorra, Falko and Elevate demonstrates confidence in Porter’s plan to grow its network throughout North America using the exceptional E2 aircraft. We are establishing foundational relationships with these experienced lessors and look forward to working together over the long term.”

Porter will be the North American launch customer for the E2 and intends on operating the aircraft to popular destinations from Ottawa, Montreal, Halifax and Toronto Pearson International Airport.

Porter Airlines is an Official 4 Star Airline® in the World Airline Star Rating®. The carrier offers domestic Canadian and transborder U.S. service with flights to Toronto, Ottawa, Montreal, Quebec City, Fredericton, Saint John, Moncton, Halifax, St. John’s, Thunder Bay, Sault Ste. Marie, Sudbury, Timmons, Windsor, New York-Newark, Chicago-Midway, Boston and Washington-Dulles. Additionally, Porter offers seasonal service to Mt. Tremblant (Quebec), Muskoka (Ontario) and Myrtle Beach, South Carolina and Stephenville, N.L. Porter Airlines currently operates a fleet of De Havilland Aircraft of Canada Dash 8-400s.

Source: Porter Airlines


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