JP Lease Products and Services (JPLS) has closed a Japanese operating lease (Jol) financing on a new Boeing 737 Max 8 aircraft acquired from UAE carrier Flydubai.

Flydubai sold the aircraft under a sale and leaseback transaction on delivery. 

A syndicate of Korean banks arranged the debt portion on the Max 8 aircraft. These include KEB Hana Bank as coordinator and swap counterparty, and Korea Development Bank and Woori Bank as lenders.

JP Lease Products & Services (Tokyo) arranged the Jol structure and is the underwriter of the equity portion. JLPS Ireland is acting as servicer and the intermediate lessor under a leasing agreement with the Dubai-based low-cost carrier.