Los Angeles- and Dublin-based aircraft leasing company Griffin Global Asset Management is placing its Boeing 737 Max orderbook with Dominican Republic start-up Arajet, Airfinance Journal has learnt.
Griffin took delivery of the first of five Max 8 aircraft on 3 March. The aircraft was subsequently flown to Arajet’s Santo Domingo base.
Arajet confirms that its Max aircraft will feature 189 seats in a single-class configuration and that the Max 8 will be able to reach destinations within a 6,150km radius from Santo Domingo.
Arajet was launched as an ultra-low-cost carrier in 2021 after rebranding from Flycana, a former charter carrier.
Griffin placed its first direct order with an original equipment manufacturer in 2021, committing to five Max 8 delivery slots as exclusively reported by Airfinance Journal at the time.
Griffin founder and chief executive officer, Ryan McKenna, told Airfinance Journal at the time that the firm sees strategic opportunities to place the Max aircraft during the pandemic recovery.
Backed by Bain Capital Credit, Griffin provides commercial aircraft leasing and alternative asset management, specialising in custom fleet solutions and innovative financing products to airlines.
Last year, Griffin closed a $1 billion warehouse facility. It said the facility includes innovations that provide it with maximum flexibility to offer airlines a variety of financing solutions, ranging from operating leases to finance leases to direct loans across a diverse spectrum of asset types and ages.
The facility also provides more flexibility on concentrations of certain airline exposure than a traditional warehouse facility, providing a bridging tool to long-term capital market solutions, said Griffin.
A group of lenders including Goldman Sachs, Barclays Bank, Mizuho Americas, Morgan Stanley, Wells Fargo Bank, National Association, Bank of America, and Deutsche Bank, New York Branch provided the initial commitments for the facility.
Last month, Griffin inked an agreement to purchase two new Airbus A350-900 aircraft and lease them back to Air France.
In 2020, Virgin Atlantic placed two Boeing 787-9 widebody aircraft under a sale and leaseback transaction with Griffin. The carrier used the $230 million in proceeds as part of its solvent recapitalisation.
Other recent transactions include a bridging loan for an A350-1000, also with Virgin Atlantic, as well as delivery financing with Greek carrier Sky Express for one A320neo.
Griffin was unavailable for comment.
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