Ryanair enters into Sale and Leaseback Agreement with Royal Bank of Scotland for Ten Boeing 737-800 Aircraft

Ryanair today announced that it has entered into a Sale and Leaseback agreement for up to ten Boeing 737-800 next generation aircraft with RBS Aviation Capital a subsidiary of the Royal Bank of Scotland. 

The 10 aircraft have a total value of $518m and will be delivered between December 2003 and March 2004. Under the terms of the agreement the aircraft will be leased back for 7 years.

Commenting on the successful conclusion of the agreement with RBS Aviation Capital, Ryanair's Chief Financial Officer & Deputy Chief Executive, Howard Millar said:

"We are pleased to announce this Sale and Leaseback transaction with RBS Aviation Capital, who successfully won the mandate following a very competitive tendering process. This is the second financing agreement that we have concluded with RBS Aviation Capital as they financed eight Boeing 737-800 aircraft, delivered earlier this year under an Export-Import Bank of US export guarantee credit programme. This agreement further extends our strong relationship with Royal Bank of Scotland Group and their subsidiary Ulster Bank in Ireland, which we have a foreign exchange and deposit relationship".