JAKARTA: The soon to be listed company, PT Garuda Indonesia pockets US$270 million leasing for 6 unit of Boeing 737-800 NG procurement.The IDR2.45 trillion facility was obtained from General Electric Aviation Services (GECAS), a GE Commercial Finance unit which is part of US manufacture conglomerate, General Electric.One executive involved in the transaction said the leasing facility is the continuation of similar facility Garuda received from GECAS; which is regularly to buy aircraft from Boeing and Airbus, to then rent out.Garuda has signed the leasing agreement with GECAS after previously obtained leasing facility from Standard Chartered Bank for the procurement of 10 Boeing 737-800 NG, as he said in Jakarta, last week.The aircraft lease price, he detailed, from GECAS was around US$42 million-US$47 million depends on delivery time. Garuda previously obtained similar facility from GECAS for 3 similar aircrafts last year.Garuda management is currently seeking leasing facility to add their number of fleet particularly to intensify market penetration. Garuda is targeting 152 aircraft units in 2015.When confirmed, Garuda Indonesia Director of Finance Elisa Lumbantoruan refused to comment on the matter but she confirmed that the company is looking for leasing facilities for the procurement of aircraft.Global financial institution confidence to Garuda, she continued, is continue to rise along with the achievement of company financial performance. The better confidence also came from the successful loan restructuring.We have been obtaining leasing facility from global financial institution as no local financial institution and bank is providing such facility. We are currently seeking leasing facility.Related to the use of initial public offering (IPO) fund to lease aircraft, Lumbatoruan stated some of the proceeds will be used for pre-delivery payment.Airbus leasingThe company is currently looking for leasing facility from global financing institution specifically for the procurement of Airbus 330-200. She optimist they could have it in 2011.Airbus 330 is more expensive from Boeing 737-800 NG. Lease price per unit is more than US$100 million. We are targeting to have Airbus 330 in 2013.Per February, Garuda has been pocketing a leasing facility from Standard Chartered Bank for 10 Boeing 737-800 NG worth US$282 million. The facility was achieved by Pembroke Group ltd, Garuda subsidiary on funding and aircraft leasing.From the 10 units, 4 units have been delivered to Garuda from last July to October 2010 and the remaining 6 on December to Mei 2012.The 10 aircrafts are part of total 25 B737-800NG ordered by Garuda to Boeing in 2009. In detail, the aircraft is equipped with entertainment facility on every seat i.e. audio video on demand and state of the art entertainment. (T05/wiw)

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