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AELF Announces Completion of $40 Million Credit Facility With Merchants Bank
"Merchants Bank has become a great partner to us over the last 6 years. The Merchants team is a great group who've taken the time to understand our business and provide capital solutions which allow us to achieve our business development objectives," said Joe Cirillo, COO & Head of Global Marketing for AELF. "Relationships like Merchants Bank are important to AELF as we actively expand our 737-800portfolio and take advantage of current market opportunities."
The credit facility is collateralized, in part, by four of the company’s ten A330-200s. Those aircraft, which AELF acquired from Airbus Asset Management Division in 2016 and 2017 are on long term operating lease with Canada’s Air Transat. In addition to A330-200s, the company owns 737-800s which it sees as the growth area for its business.
"AELF is an innovative business with an experienced management team," remarked Ariana Meiser, Market President for Merchants Bank. "We take pride in supporting their endeavors, providing the financial support they need to grow their business. We eagerly anticipate the continued growth of our partnership."
"AELF is a tremendously innovative company and has always leveraged its strong technical and marketing capabilities. As the company now seeks to grow and build out its narrow body business, financing relationships like those with Merchants Bank and other aviation lenders will play a key role," said Philip Scruggs, Board Member of AELF.
AELF has had a relationship with Merchants Bank since 2018 and was the bank’s first business customer in the commercial aviation industry.
About Merchants Bank of Indiana
Ranked as the #1 top-performing bank in the U.S. by American Banker/Capital Performance Group, Merchants Bank focuses on several segments of the banking industry, including retail and correspondent residential mortgage banking, multifamily mortgage banking, business banking (including small business lending), agricultural lending, mortgage warehouse financing, and traditional community banking Merchants Bank conducts business from its six Indiana banking centers and various regional production offices. To learn more about Merchants Bank, visit www.merchantsbankofindiana.com or find Merchants Bank on Facebook, LinkedIn, X and Instagram. Member FDIC | Equal Housing Lender
About AELF
AELF is an experienced, US-based commercial aircraft lessor offering customized, flexible capital solutions to airlines, lessors, banks and non-traditional aircraft owners. AELF has been in operation for over a decade and is continually expanding its commercial aircraft and engine portfolio. AELF acquires aircraft in various stages of their existing lease with a broad range of airline and leasing partners, including dormant and stub leased assets for which the company completes the maintenance and re-marketing to return them to service. AELF is an Expedition Partners company. Learn more at www.expeditionpartnersllc.com.
