CHICAGO, May 6, 2024 (Newswire.com)
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Aircraft Engine Lease Finance, Inc (“AELF”) announced today it has completed a $40 million credit facility with Merchants Bank.
“Merchants Bank has become a great partner to us over the last 6 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,” said Joe Cirillo, COO & Head of Global Marketing for AELF. “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,” remarked Ariana Meiser, Market President for Merchants Bank. “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. 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,” said Philip Scruggs, Board Member of AELF.
AELF has had a relationship with Merchants Bank since 2018 and was the bank’s first business customer in the commercial aviation industry.
About AELF
Aircraft Engine Lease Finance Inc. (“AELF”) is an experienced leader in commercial aircraft leasing. Based in Chicago, AELF offers customized and flexible financing solutions to airlines and commercial aircraft operators worldwide. AELF has been in operation for almost a decade and owns a fleet of A330-200s and 737-800s as well as an engine portfolio. The company is strategically expanding its presence in the 737NG market.
About Merchants Bank of Indiana
Ranked as the #1 top-performing bank in the U.S. by American Banker/Capital Performance Group, Merchants Bank focuses on several segments of the banking industry, including retail and correspondent residential mortgage banking, multifamily mortgage banking, business banking (including small business lending), agricultural lending, mortgage warehouse financing, and traditional community banking. Merchants Bank conducts business from its six Indiana banking centers and various regional production offices.
To learn more about Merchants Bank, visit www.merchantsbankofindiana.com or find Merchants Bank on Facebook, LinkedIn, X and Instagram. Member FDIC | Equal Housing Lender
Source: Aircraft Engine Lease Finance Inc
Original Story: https://www.newswire.com/news/aelf-announces-completion-of-40-million-credit-facility-with-merchants-22323384
