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Tag: aircraft leasing

  • AELF Closes $55 Million Credit Facility With Merchants Bank

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    CHICAGO, June 19, 2025 (Newswire.com)
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    Aircraft Engine Lease Finance, Inc (“AELF”) announced today the completion of a $55 million line of credit provided by Indiana-based Merchants Bank. The financing will be used for the acquisition of commercial aircraft as AELF continues to expand its fleet.

    “Merchants Bank has been a key partner in AELF’s development, and we are very pleased to continue to expand that relationship as we grow the fleet and diversify our stable of high-quality airline partners,” said Phil Scruggs, Board Member for AELF.

    AELF has been a borrower from Merchants Bank since 2019. This line of credit consolidates and expands on AELF’s existing borrowings with the lender. The privately held leasing company is actively growing its fleet of mid-life commercial aircraft with the addition of several 737 NGs and A330s in recent months, and negotiations on a host of additional acquisitions underway.

    “Our partnership with AELF has been incredibly valuable as we continue to support their vision and innovation in the industry,” said Ariana Meiser, Market President of Merchants Bank. “We strive to work alongside organizations like AELF and look forward to being part of their continued growth for years to come.”

    ABOUT AELF

    Aircraft Engine Lease Finance Inc. (“AELF”) is an experienced commercial aircraft lessor. Based in Chicago, AELF offers customized and flexible financing solutions to airlines and commercial aircraft operators worldwide. AELF has been in operation for a decade and is continually expanding its commercial aircraft and engine portfolio.

    ABOUT MERCHANTS BANK

    Ranked as one of the top-performing banks 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 Indiana banking centers and various regional production offices. Additional information can be found at www.bankmerchants.com. Member FDIC | Equal Housing Lender

    Contact Information

    Amy Phillips
    communications@aelfinc.com

    Source: Aircraft Engine Lease Finance, Inc.

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  • AELF Leases Third 737-800 to FlySafair

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    Financing Provided by Investec


    CHICAGO, February 20, 2025 (Newswire.com)
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    Aircraft Engine Lease Finance, Inc (“AELF”) announced it has leased a third Boeing 737-800 to South Africa’s FlySafair. The 2016 vintage aircraft, MSN 40971, was acquired by AELF with financing provided by Investec Bank Limited (“Investec”).

    “We are pleased to support the growth of FlySafair’s fleet and appreciate the opportunity to expand our relationship with Investec,” said Joe Cirillo, Chief Commercial Officer. “Our thanks to both organizations for their work on this transaction, which is directly in line with our strategic growth plans in the narrowbody market.”

    Over the last year AELF has been actively acquiring 737-800s for long term operating lease as it expands its aircraft portfolio. FlySafair operates a narrowbody fleet largely comprised of the 737-800s.

    “Maintaining efficiency on costs and through reliability is core to our business model and we are happy to have aligned with a partner that understands these requirements.” said Kirby Gordon, Chief Marketing Officer at FlySafair.

    MSN 40971 is AELF’s second 737-800 financed by Investec, having also financed a sister ship with the lender last year.

    “We are proud to once again partner with AELF and FlySafair with this transaction,” said Thato Matsha, Aviation Finance at Investec South Africa. “We regard AELF and FlySafair as excellent operators in the aviation sector and are pleased to be able to strengthen the relationships we have built with both in recent years.”

    About the AELF

    Aircraft Engine Lease Finance Inc. (“AELF”) is an experienced commercial aircraft lessor. Based in Chicago, AELF offers customized and flexible financing solutions to airlines and commercial aircraft operators worldwide. AELF has been in operation for 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 FlySafair

    FlySafair, South Africa’s leading international low-cost carrier, is a trade name for Safair Operations, based in Kempton Park, South Africa. The airline flies to 15 destinations in Sub-Saharan Africa. FlySafair, which uses the slogan For The Love Of Flying, is the most on-time, low-cost airline in the world.

    About Investec

    Investec partners with private, institutional, and corporate clients, offering international banking, investments, and wealth management services in two principal markets, South Africa, and the UK, as well as certain other countries. The Group was established in 1974 and currently has 7,500+ employees.

    Investec has a dual listed company structure with primary listings on the London and Johannesburg Stock Exchanges. ICIB Disclaimer

    Contact Information

    Amy Phillips
    communications@aelfinc.com

    Source: Aircraft Engine Lease Finance, Inc.

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  • AELF Leases 737-800 to FlySafair

    AELF Leases 737-800 to FlySafair

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    CHICAGO, July 2, 2024 (Newswire.com)
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    Aircraft Engine Lease Finance, Inc (“AELF”) announced it has leased a Boeing 737-800 to South Africa’s FlySafair. The aircraft, MSN 36548, marks the latest addition to FlySafair’s fleet, which is comprised heavily of this type. 

    “We’re thrilled to see this aircraft in operation with FlySafair. My team and I closely oversee every step of the pre-delivery maintenance process and we pride ourselves on delivering the highest quality aircraft to our valued lessees,” said Jim Nazarkewich, Head of Technical Services for AELF. 

    Recently acquired from Airborne Capital Limited, the aircraft is one of several 737-800s recently acquired and leased by AELF as the company actively expands its new-gen fleet.

    “Expanding our presence in the 737-NG market is precisely in line with our strategic objectives,” said Joe Cirillo, Head of Global Marketing for AELF.  “We look forward to a broader cooperation with the great group at FlySafair.”

    “Structuring the right leasing deals is imperative to maintaining our cost advantage in the markets we contest. We’ve appreciated AELF’s efforts to align with our needs,” said Kirby Gordon, Chief Marketing Officer for FlySafair.

    About the 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 FlySafair

    FlySafair, South Africa’s leading international low-cost carrier, is a trade name for Safair Operations, based in Kempton Park, South Africa. The airline flies to 15 destinations in Sub-Saharan Africa. FlySafair, which uses the slogan For The Love Of Flying, is the most on-time, low-cost airline in the world.

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    Source: Aircraft Engine Lease Finance Inc

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  • AELF Appoints Philip Scruggs to Board of Directors

    AELF Appoints Philip Scruggs to Board of Directors

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    CHICAGO, July 17, 2023 (Newswire.com)
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    Aircraft Engine Lease Finance, Inc. (“AELF”) announced today that it has appointed Philip Scruggs to its Board of Directors. Scruggs brings more than 25 years of experience in the commercial aircraft leasing industry to the US-based leasing and trading company.

    Scruggs spent more than two decades with AerCap (and previously International Lease Finance Corporation), the world’s largest commercial aircraft leasing company. During that time, Scruggs held a variety of legal and commercial positions, culminating in his appointment as Chief Commercial Officer and President of the company.

    “We are truly honored to welcome Phil to our Board of Directors during a very exciting time for our business. As a well-regarded fiduciary, Phil’s depth of experience in the industry makes him a substantial addition to our leadership team during this period of growth,” said Victoria Ricks, spokesperson for AELF. 

    AELF is a shareholder in Maleth Aero AOC, a European ACMI airline that serves airlines, governments, corporations, leasing companies and others. In addition to commercial aircraft leasing and trading, the group offers a full spectrum of wet and dry leasing solutions.

    “I believe AELF and Maleth Aero have an ingenuitive business model and bright team,” Scruggs said. “They are offering a unique combination of wet and dry leasing solutions that has not been offered in the market before. Their structure gives them flexibility and agility to offer creative solutions. In a post-pandemic environment, this may be what the industry needs the most. I’m very excited to join the group and see it continue to succeed.”

    AELF’s fleet consists of A330s in all economy and dual-class passenger configurations as well as light cargo configuration. The company is currently adding to its fleet, targeting the acquisition of twenty 737-800s as well as three A321s. The group offers a range of financial solutions, including long-term operating leases; sale leasebacks and finance sales; short- and long-term ACMI contracts. It also offers wet-to-dry arrangements that enable airlines to test out new routes under Maleth’s operation before embarking on a dry lease with AELF, and unique ACMI partnerships allowing lessors to put their dormant aircraft into revenue service temporarily or long-term, among other custom solutions.

    “Phil Scruggs is an important industry leader with valuable insights whom we are thrilled to welcome to our team,” said Joe Cirillo, Chief Operating Officer of AELF FlightService. “He is a welcome addition as we continue to offer customized financial solutions for our partners.  Our model offers a hedge to traditional dry leasing, and vice versa for wet leasing operations. We’ve added some great talent to the team over the last couple of years and are looking forward to continued growth.”

    About the AELF Group

    Aircraft Engine Lease Finance Inc. (“AELF”) is an experienced leader in commercial aircraft leasing, finance, and air transport solutions for cargo and passengers. AELF shares common ownership with AELF FlightService and widebody ACMI operator Maleth Aero AOC Limited. The group offers a full spectrum of services ranging from single charter flights to mid-term ACMI to long-term operating leases. Learn more at AELF-FlightService.com. For the latest updates, follow us on LinkedIn, Instagram and Twitter.

    Source: Aircraft Engine Lease Finance, Inc.

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