Pegasus Aviation Finance Company orders Boeing 787 Dreamliners

Boeing has added another leasing company to its customer base for the 787 Dreamliner by signing an order for six 787-8s from Pegasus Aviation Finance Company of San Francisco, Calif. Pegasus becomes the third leasing company to order the all-new advanced-technology airplane.

The order is the result of a close teaming effort and agreement among Boeing, Pegasus and Blue Panorama of Italy, which sought an alternate financing tool for the 787s it ordered in July 2004. As part of the agreement, Blue Panorama has transferred its orders for the four 787s to Pegasus and in return will lease the airplanes from Pegasus.

Pegasus ordered two more 787s, in addition to the four assigned from Blue Panorama, for the total of six. Pegasus has not announced a leasing customer for the additional two airplanes.

The transaction represents a net gain of two additional firm orders to the 787 order book.

"Taking possession of these early 787 deliveries places us in a strategic market position on this exciting program," said Rich Wiley, president and CEO of Pegasus Aviation Finance Company. "We are delighted to expand our strong relationship with both Boeing, this being our second new order with them in the past year, and Blue Panorama, who is an existing lease customer. Between our committed orders and our existing portfolio, we have originated over $4.5 billion in new business since the beginning of 2004, showing an exceptional commitment to our airline customers. We have selected Rolls-Royce engines under a TotalCare services package, removing the operational risk for ourselves and more importantly for our customers."

The order is valued at approximately $918 million at list prices. Deliveries are expected to begin in 2009.

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