The transaction amount is assessed at more than $50 million. According to Kommersant, Polet has partially redeemed its debt owed to IFC by means of the transaction.
Analysts remind that the leasing company is interested in expansion of its cargo aircraft fleet, while Polet apparently has to improve its financial situation by selling the assets. The carrier operates four An-124s (two of them are owned by the airline).
The official representative of IFC, Andrey Lipovetsky, confirmed that the company has acquired the second An-124 from Polet Airlines. The deal closed in April has been implemented according to the scheme of redemption leasing: the carrier sold the aircraft to IFC and recovered it at once under conditions of financial leasing. Lipovetsky said that “the parties have signed mutually beneficial agreement” and denied any comments regarding terms of transaction and the jet’s price.
We remind you that it is the second Ruslan acquired by IFC from Polet. The first vehicle was acquired using the same scheme in late-2011.
CEO of Polet Airlines, Anatoly Karpov, confirmed that the deal with IFC on redemption leasing of the second An-124 has been closed, but did not disclosed any details. He only said that the airline is operating four An-124s and two of them are owned by the carrier.
The second Ruslan acquired from Polet Airlines (manufactured in 2004) is more attractive as an asset than the first jet (year of manufacture – 1993). Experts noted that Ruslan is the unique aircraft and the profitability of its operation is rather high. At that, the jet’s residual value depends on a number of factors, thus the fluctuations of its price may reach “a score of million dollars”. In general, the analysts believe that An-124 manufactured in 2004 costs at least $50 million.
As reported by a source familiar with the situation, the deal, as well as the sale of first An-124, assumed the partial redemption of Polet’s debt owed to IFC. CEO of IFC, Alexander Rubtsov, told Kommesant earlier that “there is a good asset – “Ruslan”, which is quite liquid at the market”. He also said that Polet has some financial difficulties. He confirmed that Polet is closing the deal for, among other things, redemption of its debt.
The amount owed by Polet to IFC is unknown, but the companies have a long-standing partnership. The carrier operates three Il–96–400Тs, leased from Ilyushin Finance & Co.; the fourth vehicle should be delivered in 2012. Following the acquisition of two An-124s, IFC has expanded its fleet of cargo aircraft to ten vehicles; six of them are operated by Polet.
The experts summarize that Polet obviously just had to sell some of its assets in order to improve the carrier’s financial situation. The head of Aviaport agency’s Analysis division, Oleg Panteleev, believes that the scheme of redemption leasing helped Polet obtain funds necessary for improvement of the carrier’s financial situation, while IFC has acquired “attractive asset with guaranteed profitability”. «At that, it is usually specified in the terms of such deals that the lessor may lease the aircraft to another company as soon as possible if the current partner would have any difficulties with lease payments», — Panteleev said.
Roman Gusarov, editor in chief of Avia.ru web portal, noted that “operation of Ruslan requires high investments and they are only increasing as the years go by. Perhaps it makes sense for Polet to capture the costs in the amount of lease payments”. If the carrier used the deal to redeem its debt owed to IFC, then it is not only about intent but also about necessity. The expert has also noted the Ruslan is one of the most efficient cargo aircraft; that is why IFC will always find an operator for the jets, even if Polet would abandon these vehicles.