Garuda Indonesia - Boeing 737-800NG

PT. Garuda Indonesia (Persero) (“Garuda”) and Standard Chartered Bank (“Standard Chartered”) have closed multi-million dollar sale and leaseback arrangements for 4 Boeing 737-800 Next Generation aircraft.

Standard Chartered Bank assisted Garuda Indonesia in acquiring and leasing the aircraft through Pembroke Group Limited, its aircraft leasing, financing and management division.

Following the successful closing of the first transaction, the airline has awarded Standard Chartered a second sale and leaseback mandate for six Boeing 737-800 Next Generation aircraft. The aircraft are scheduled to be delivered from December 2011 to May 2012.

All ten aircraft are part of a total of 25 Boeing 737-800 Next Generation aircraft that Garuda has ordered with aircraft manufacturer-Boeing.

Commenting on the sale and leaseback transactions, Emirsyah Satar CEO Garuda Indonesia said, “This is part of our on-going fleet revitalisation, which during 2011 will see the delivery of 12 new aircraft from Airbus & Boeing. By 2015 Garuda Indonesia will have a total fleet of 153 aircraft including Airbus A330-series, Boeing 737-800NG’s, and Boeing 777-300 Extended Range aircraft. This deal shows the confidence that international financial institutions are showing in the operational and financial turnaround at the airline.”