Bezen & Partners, working alongside international counsel, Watson Farley & Williams has advised China Aircraft Leasing Group Holdings Limited (CALC), the largest independent operating aircraft lessor in China, has closed its first Japanese Operating Lease with a Call Option (JOLCO) financing in relation to two new Airbus A320 delivered to Pegasus Airlines in June. Pegasus Airlines — Turkey’s leading low cost airline — will be CALC’s first customer in Europe.
According to Bezen & Partners, “this transaction is the first of its kind where a JOLCO has been used in the financing of equity on an operating lessor for operating leases to a Turkish airline. The transaction was the result of many months of structuring work combining experience and skills of many different parties.”
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