CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”), announced the completion of deliveries of a fleet of fifteen new Boeing aircraft to U.S.-based United Airlines Holdings, Inc. (“United;” NASDAQ: UAL). The sale and leaseback transaction covered a fleet of two 787-9 Dreamliners and thirteen 737 MAX 8 aircraft, which were delivered between 2020 and 2021.
“We want to thank members of both the United and CDB Aviation teams who collaborated on structuring and expediently executing this complex transaction during a particularly challenging period for the industry,”
- Peter Goodman, CDB Aviation Chief Marketing Officer.
Pointing to the importance of building a key strategic relationship with the world’s fourth largest airline measured by revenue while further expanding the lessor’s footprint in the Americas, Goodman emphasized the transaction’s role in “supporting United management’s efforts to streamline their fleet and enhance operating economics as they work toward the resumption of sustained, long-term growth.”
The two 787-9s are powered by General Electric GEnx engines and configured in a 257-seat layout with the new Polaris and Premium Plus cabins. As air travel returns, these widebody aircraft are expected to deliver the advantages of lower fuel consumption and efficient economics to open new routes and markets.
The thirteen 737 MAX 8 aircraft, powered by CFM International’s LEAP-1B engines, feature a total of 166 seats in a 2-cabin layout. The MAXs are operated on the carrier’s short- and medium-haul missions, delivering a reduced environmental impact and an enhanced passenger experience as United advances its long-term strategy to further entrench domestic operations.
“The onset of COVID-19 ushered in the most challenging period in the history of the aviation industry, We are thankful for the partnership we established with CDB Aviation and appreciate their willingness and ability to support United in a meaningful way during this global pandemic.”
- Pam Hendry, United’s Vice President and Treasurer.
“This mandate demonstrated our evolved platform’s robust capabilities and scale as well as our highly competitive position among global lessors, Our commercial team remains focused on identifying ways to deliver wide-ranging and innovative solutions to top-tier airlines, such as United, as they navigate their pathways through the air travel sector’s nascent recovery and position their fleets for post-pandemic realities, with operating economics and sustainability top of mind.”
- Patrick Hannigan, CDB Aviation’s Chief Executive Officer.
About United Airlines
United's shared purpose is "Connecting People. Uniting the World." For more information, visit united.com, follow @United on Twitter and Instagram or connect on Facebook. The common stock of United's parent, United Airlines Holdings, Inc., is traded on the Nasdaq under the symbol "UAL."
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”) a 37-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating. CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606)