Avation PLC (LSE:AVAP), a commercial passenger aircraft leasing company, said it repaid the outstanding export credit agency (ECA) insured loans associated with eight ATR 72 aircraft that were previously on lease to Virgin Australia (ASX:VAH) Airlines.
"The export credit loans associated with the Virgin Australia (ASX:VAH) aircraft have now been refinanced and retired,” said executive chairman Jeff Chatfield. “It is pleasing that commercial bank aircraft lending appears to be reopening following the disruption caused by COVID-19."
The loans were repaid using a combination of the release of deposits held by the ECAs and a new commercial bank financing package backed by the recently announced leases of three ATR 72 aircraft to Hevilift.
READ: Avation climbs as it inks leases for three ATR aircraft