FTAI Aviation announces the closing of sale and leaseback transactions with Alitalia and ITA Airways
NEW YORK, Nov. 11, 2021 (GLOBE NEWSWIRE) – FTAI Aviation, a wholly owned subsidiary of Fortress Transportation and Infrastructure Investors LLC (NYSE: FTAI), is pleased to announce the closing of the sale and leaseback of the majority of 16 aircraft with Aircraft Purchase Company No. 12 Limited (an Alitalia group company) and novation to Italia Trasporto Aereo SpA (“ITA Airways”), and the remaining closings are expected shortly. The 16 aircraft in the A320 family are all equipped with CFM56-5B engines and the leases at closing will have an average remaining term of 36 months. FTAI Aviation will provide engine management services to cover engine maintenance during the life of the lease. Following the closing of the remaining transactions, FTAI Aviation expects to own a total of 263 CFM56 engines.
“We are delighted to be part of this new chapter in the history of Italian airlines and to partner with ITA Airways,” said Joe Adams, President and CEO of FTAI. “Our ability to manage CFM56 engine shop visits and provide engine management services plays a critical role in this transaction and creates significant value for ITA Airways. “
“Strategic partnerships are crucial for ITA Airways as we start our business plan,” said Fabio Lazzerini, CEO of ITA Airways. “FTAI’s unique CFM engine program creates substantial value for our mid-life aircraft fleet while maintaining the highest levels of quality and safety that ITA Airways is committed to providing to its customers. “
About Fortress Transportation and Infrastructure Investors LLC
Fortress Transportation and Infrastructure Investors LLC owns and acquires high quality infrastructure and equipment that is essential for the transportation of goods and people around the world. FTAI targets assets that, on a combined basis, generate strong and stable cash flows with the potential for earnings growth and asset appreciation. FTAI is managed externally by a subsidiary of Fortress Investment Group LLC, a leading diversified global investment firm.
About ITA Airways
ITA Airways is a company wholly owned by the Italian Ministry of Economy and Finance for the exercise of activities in the air transport sector, active since November 2020. The objective of ITA Airways is to create a efficient, innovative air carrier, which becomes the point of reference to guarantee quality connectivity with Italy. ITA Airways places the best customer service at the center of its strategy, associated with sustainability, expressed in its environmental, social and governance aspects. ITA Airways will acquire a modern and environmentally friendly fleet that will include cutting-edge technologies to optimize the efficiency and quality of the offer and significantly reduce the environmental impact. ITA Airways will focus its activities on the Rome Fiumicino hub and Milan Linate airport, where it will position itself as the benchmark airline for business and leisure traffic.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding leases and transactions which have not yet been closed. , the schedule for the closing of the remaining leases and transactions. , the expected future average remaining lease terms, the expected total number of 263 CFM56 FTAI engines and any expected financing in connection with these leases and transactions. These statements are based on the current expectations and beliefs of management and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements, many of which are beyond the control of the Company. . The Company cannot guarantee that its expectations will be met and these differences may be material. Therefore, you should not place undue reliance on any forward-looking statements contained in this press release. For a discussion of some of the important risks and factors that could affect these forward-looking statements, see the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the most recent annual report. of the Company on Form 10-K and Quarterly Reports on Form 10-Q, which are available on the Company’s website (www.ftandi.com). In addition, new risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of each factor that could cause its actual results to differ from those contained in forward-looking statements. . These forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation to publicly publish any update or revision of any forward-looking statement contained herein to reflect any change in the Company’s expectations in this regard or any change in the events, conditions or circumstances on which a statement is based. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities.
For more information, please contact:
Fortress Transport and Infrastructure Investors LLC