Porter Finalizes Aircraft Sale, Leaseback Deal

Porter Aircraft Leasing Corp., a wholly-owned subsidiary of Porter Aviation Holdings Inc. (Porter), has entered into agreements for sale and leaseback financing of up to 19 Embraer E195-E2 aircraft.

Three aircraft lessors are participating independently in the transaction, with placement details as follows:

  • Five aircraft with Azorra Aviation Holdings, LLC (Azorra)
  • Five aircraft with Falko Regional Aircraft Ltd. (Falko)
  • Four aircraft with Elevate Capital Partners LLC (Elevate)

Porter also has options for an additional five Embraer E195-E2 aircraft with Azorra.

The 19 aircraft will be delivered as new to Porter in 2022 and 2023, as part of a previously-announced confirmed order for 30 E195-E2s, plus 50 purchase rights.

Jeffrey Brown, executive vice president and CFO, Porter, said that: “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.”

Brown added: “We are establishing foundational relationships with these experienced lessors and look forward to working together over the long term.”

As the North American E2 launch customer, Porter intends to operate the E2s to popular destinations from Ottawa, Montreal, Halifax and Toronto Pearson International Airport. The introduction of specific routes will be determined in advance of aircraft deliveries.

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.

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