(RTTNews) – As part of the Group’s refinancing plan, Finnair has finalised a sale and leaseback arrangement for four of its Airbus A350 aircrat. Finnair sold these aircraft, and has leased them back for its own operation with an average operating lease period of 12 years.
Finnair said the immediate positive cash effect for the Group is in excess of $400 million. It will use the cash to refinance existing debt and retire undrawn revolving credit facility of 175 million euros.
Finnair noted that the arrangement will not have a significant impact on its third-quarter operating result.