The deal includes the transfer of existing leases on the aircraft, currently on lease to Oman Air until they begin to expire in late 2024 and continue through 2025. Sun Country will receive one aircraft in late 2024 and the remaining four in 2025.
- The acquisition under the existing leases offers several benefits to Sun Country:
- The transaction highlights Sun Country's capacity to seize opportunities for acquiring aircraft at favorable economic terms in a competitive market while ensuring fleet growth through 2025.
- Obtaining five aircraft of the same model ensures compatibility and efficiency within Sun Country's current 737-800 fleet.
- The 737-900ER offers increased seating capacity and a longer flight range compared to the 737-800s.
- Sun Country will invest in the aircraft today and receive lease revenue until 2025.
- By acquiring the aircraft under the existing leases, Sun Country can minimize the transition time required for modifications and induction into revenue service, as used aircraft induction lead times have been affected by supply chain constraints and engineering support.
Sun Country's CEO, Jude Bricker, expressed enthusiasm for the addition of the 737-900ER to their fleet, as it will offer more seating without compromising range or take-off performance. He also emphasized the company's ability to adapt and source suitable aircraft in any market situation.
The acquisition will be financed through a credit facility provided by MUFG Union Bank.
