Tiger Airways and GATX in sale/leaseback agreement for two Airbus A320 aircraft

Tiger Airways has entered into a sales / leaseback agreement with leasing company GATX Air to lease two new Airbus A320 aircraft.

Under the agreement, GATX Air will acquire the two new A320 aircraft from Tiger Airways and lease them back to the airline for a 12 year term following delivery in October 2006 and November 2007.

“We are very happy to sign this agreement with GATX Air as it will provide long term financing for our two new A320 aircraft. GATX Air is part of the NYSE-listed GATX Corporation, a leader in the leasing of transportation equipment around the world. This agreement further reinforces our relationship with GATX as it is already providing financing for one of our original A320 aircraft,” said Tiger Airways CEO, Tony Davis.

Tiger Airways has also entered into negotiations with Airbus to convert its options for an additional eight A320 aircraft into firm orders. Once finalized, this will expand Tiger Airways fleet to 20 aircraft.

In April 2006 Tiger Airways increased its fleet to six Airbus A320 to serve the new destinations of Guangzhou, Haikou and Shenzhen. The airline is expected to take delivery of three brand new Airbus A320 aircraft at the end of this year. Another three A320 are expected to join the fleet in 2007.

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