Porter confirms sale and leaseback of 10 Embraer E195-E2 aircraft with Avolon

Porter Aircraft Leasing Corp., a wholly-owned subsidiary of Porter Aviation Holdings Inc. (Porter), has agreed to sale and leaseback financing with Avolon for 10 Embraer E195-E2 aircraft. Avolon is a global leader in aircraft leasing.

These aircraft will begin deliveries later in 2023 and be operated by Porter Airlines as part of a previously-announced confirmed order for 50 E195-E2s and the option to purchase 50 additional aircraft. Eleven E195-E2s are flying with Porter today.

"The E2 is an incredible addition to Porter's fleet, offering best-in-class seat cost economics and providing an ideal platform to deliver the truly differentiated in-flight economy passenger experience that Porter is known for. This means treating everyone with care and offering complimentary amenities like WiFi, and beer and wine served in glassware throughout the cabin," said Jeffrey Brown, executive vice president and chief financial officer, Porter. "We are excited to partner with Avolon and value their reputation and expertise in aircraft leasing, which makes them an ideal new partner."

Porter is currently operating the E195-E2 on routes from coast-to-coast in Canada. With ongoing deliveries, a North American network is being developed to include destinations in the U.S., Mexico and Caribbean.

"Porter is renowned for its customer experience and has exciting plans for the expansion of its E2 fleet," said Paul Geaney, president and chief commercial officer, Avolon. "We are delighted to welcome them as a customer and look forward to partnering on their future growth. The E2 is a modern fuel-efficient aircraft that offers excellent operating performance, competing effectively with other smaller narrowbody platforms."

Seabury Securities LLC acted as advisor and placement agent to Porter for these transactions, with Parr Brown Gee & Loveless acting as Porter's lead legal counsel.