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Precision Air’s ATR fleet Financing awarded as “African Deal of the Year 2008” by Airfinance Journal

Written by thomas · Filed Under Commercial 

April 22, 2009

thomas

The financing of the fleet of 2 ATR 42-500s and 5 ATR 72-500s of the Tanzanian private carrier Precision Air Services has been awarded by Airfinance Journal as “African Deal of the Year 2008”. The award for this US$ 129 million structured finance lease has been granted to the carrier at the 10th Annual Deals of the Year Awards Dinner ceremony, held in New York. The financing of the ATR fleet of Precision Air Service was already awarded last December, by Jane’s Transport Finance magazine, as the “2008 Aircraft Leasing Deal of the Year in Africa”.

“We are honored by this recognition, which consolidates the financing of our ATR fleet as one of the most performing and successful operations in the field of aviation finance in 2008”, declared Alfonse Kioko, Managing Director and CEO of Precision Air Services. “We would like to thank all our partners, ATR, Citi and Finnfund, which have played such a key role in order to make this financing possible. Thanks to their efforts, their knowledge and their success, we are now able to further expand the regional air connectivity in Tanzania, thus contributing to develop both tourism and business.”

Commenting on this prestigious award, Giovanni Tramparulo, ATR Senior Vice-President Finance, stated: “We are delighted of seeing how the financing arrangement of the ATRs of Precision Air Services has been awarded twice in such few time. We are also very proud of the confidence that the banks have shown in ATR.” He added: “We’d like to give a special recognition to all the teams which have worked very hard in order to optimally arrange the financing for the introduction of the first ATR ‘500 series’ aircraft in Tanzania.”

About Precision Air Services
Precision Air Services was founded in 1993 by Michael Shirima, who remains today as Board of Directors Chairman of Precision Air Services. The airline has since increased its frequencies and capacity significantly with its current fleet of ten aircraft, including four ATR 42-320s, three ATR 72-210s, 2 ATR 72-500s and one Boeing 737. The fleet expansion has gone hand in hand with an increase in the volumes of passenger uplift. The airline offers the widest connections to all major towns in Tanzania and, regionally, to Kenya, Uganda and soon to Angola and Democratic Republic of Congo. In December 5th 2008, Precision Air Services won an Award as the most respected company in Tanzania in a survey of CEOs about the most respected companies in East Africa

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