Narrative
Full Description
Project narrative
On June 26, 2015, financial close was reached on a deal in which Sky High XLI Leasing Company Limited — a special purpose vehicle of 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 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 four 2015-vintage Boeing 737-800 aircraft. These aircraft were built in 2015 and leased for seven years. Record ID#103442 captures this lease. In October 2021, ICBC Leasing entered into an agreement with Transavia France to extend the leases of the four 737-800 aircraft. Record ID#103451 captures this extension.
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.