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Overview

ICBC Leasing leases three vintage Boeing 737-800 aircraft to Transavia France

Commitment Year•2021Country of Activity•FranceDirect Recipient Country of Incorporation•FranceSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Sep 1, 2021
Start (actual)
Oct 21, 2021
End (actual)
Nov 28, 2021

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The project was a lease agreement for three Boeing 737-800 aircraft to Transavia France (Transavia Airlines), headquartered at Piet Guilonardweg 15, 1117 EE Schiphol, Netherlands. More detailed locational information can be found at: https://www.openstreetmap.org/way/269263498

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

  • ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

  • Transavia Airlines S.A.S. (Transavia France)

Loan desecription

ICBC Leasing leases three vintage Boeing 737-800 aircraft to Transavia France

Interest type•Unknown

Narrative

Full Description

Project narrative

In September 2021, ICBC Financial Leasing Co., Ltd. (ICBCFL; ICBC Leasing) — a Chinese state-owned leasing company and wholly-owned subsidiary of the Industrial and Commercial Bank of China (ICBC) — entered into an long-term operating lease agreement with Transavia Airlines S.A.S. (Transavia France) — a France-incorporated low-cost airline owned by France's Air France S.A. (95.51% stake) and the Netherlands' Transavia Airlines B.V. (4.49% stake), both subsidiaries of Franco-Dutch Air France-KLM S.A. — for three 2017-vintage Boeing 737-800 aircraft previously leased to Norway's Norwegian Air Shuttle ASA. The first aircraft was delivered on October 21, 2021, and the second and third were delivered on November 18, 2021. Financial close occurred on November 18, 2021.

Staff comments

1. A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. Under a capital lease (a financial arrangement where the lessee/borrower uses an asset and pays regular installments plus interest to the lender/lessor), rental payments are usually classified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). AidData codes capital leases as loans.