28 September, 2018: TrueNoord, a regional aircraft lessor headquartered in Amsterdam, Netherlands has closed a sale-lease back transaction providing two Bombardier CRJ900 ERs to Irish regional airline Cityjet DAC on ten year operating lease terms. TrueNoord has partly financed the transaction by the recent term loan warehouse facility underwritten by NORD/LB, Morgan Stanley and Barclays. Legal advice was provided by Hogan Lovells for TrueNoord and Allen & Overy for CityJet. Norton Rose and Clifford Chance advised on the financing side of the transaction.
Anne-Bart Tieleman, CEO – TrueNoord said, “These are the first CRJ900s for TrueNoord – and the aircraft type is in line with our ultimate vision and long-term plan to build up a strong portfolio of young regional aircraft types with a good global spread and leased to first class operators.
“The merger announcement made at Farnborough 2018 by Air Nostrum and CityJet is indicative of how the regional aviation landscape in Europe will change over the coming years. If approved, this combination will create Europe’s largest airline with a specific focus on ACMI (aircraft, crew, maintenance and insurance) capacity provision, and with a merged fleet of almost 100 aircraft, the fusion of CityJet and Air Nostrum will create the first European supplier that starts to approach the scale of its North American counterparts. TrueNoord is delighted to be part of the group of suppliers of modern aircraft that will support this platform and their airline customers.”