Aircraft Engine Lease Finance (AELF) completed a $40 million credit facility with Merchants Bank.
“Merchants Bank has become a great partner to us over the last six years. The Merchants team is a great group who’ve taken the time to understand our business and provide capital solutions which allow us to achieve our business development objectives,” Joe Cirillo, chief operating officer and head of global marketing for AELF, said. “Relationships like Merchants Bank are important to AELF as we actively expand our 737-800 portfolio and take advantage of current market opportunities.”
The credit facility is collateralized, in part, by four of the company’s ten A330-200s. Those aircraft, which AELF acquired from Airbus Asset Management Division in 2016 and 2017, are on long term operating lease with Canada’s Air Transat. In addition to A330-200s, the company owns 737-800s which it sees as the growth area for its business.
“AELF is an innovative business with an experienced management team,” Ariana Meiser, market president for Merchants Bank, said. “We take pride in supporting their endeavors, providing the financial support they need to grow their business. We eagerly anticipate the continued growth of our partnership.”
“AELF is a tremendously innovative company and has always leveraged its strong technical and marketing capabilities,” Philip Scruggs, board member of AELF, said. “As the company now seeks to grow and build out its narrowbody business, financing relationships like those with Merchants Bank and other aviation lenders will play a key role.”
AELF has had a relationship with Merchants Bank since 2018 and was the bank’s first business customer in the commercial aviation industry.
