Source: Triangle Business Journal Author: 05/21/2009
Subject Concerned: Aircraft Airlines
Southwest Airlines Co. has completed the sale of three Boeing 737-700 aircraft with a third-party aircraft lessor that will lease the planes back to the airline for US$104 million.
This is the second part of a two-part sell-back initiative that the airline has engaged in, Southwest indicated in a filing with the Securities and Exchange Commission.
The airline will make monthly US$4.4 million payments for the first six months, Southwest said in its filing. Payments will reset every six months.
The airline previously sold and leased back three other aircraft, bringing the total sale-leaseback initiative to a point where six airplanes were sold to another party.
As part of the agreements, Southwest will continue to maintain and operate the airplanes.
Southwest was one of two airlines to grow its traffic in April at Raleigh-Durham International Airport, where the Dallas, Texas-based carrier long ranked No. 1 in passengers enplaned.