Tour operator Thomas Cook Group Plc (TCG.L,TCKGY.PK) Wednesday announced further progress with its fleet renewal programme.
According to the firm, GECAS has agreed to acquire six A321-200s directly from Airbus, further to a purchase agreement between Thomas Cook and Airbus dated January 25, 2011, and Thomas Cook will lease back those aircraft from GECAS at an average lease rate factor of 0.887 percent. per month. This is subject to adjustment for prevailing interest rates at the time of delivery for 144 months.
The financing of these aircraft is in addition to the recently announced recapitalisation, the firm noted.
It is anticipated that four of the aircraft will be delivered to Thomas Cook in the first quarter of fiscal 2015, with the remaining two expected to be delivered in the second quarter of the fiscal.
As part of the same proposed arrangements, Thomas Cook has agreed to lease an additional three A321-200 aircraft from GECAS for 144 months at market rates, the rental being subject to adjustment at delivery by reference to prevailing interest rates.
The first of these three aircraft is expected to be delivered to Thomas Cook in the first quarter of fiscal 2015, the second aircraft in the second quarter, and the third aircraft in the third quarter of the same fiscal.
The company said its fleet renewal programme is part of its on-going commitment to building a single, strengthened airline segment aimed at improving customer experience and reducing CO2 emissions and fuel burn as part of its focus on environmental sustainability.
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