Aircraft Engine Lease Finance (AELF) has finalized a $55 million line of credit provided by Indiana-based Merchants Bank

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The financing will be used for the acquisition of commercial aircraft as AELF continues to expand its fleet.

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AELF has been a borrower from Merchants Bank since 2019.

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This additional $55 million line of credit consolidates and expands on AELF’s existing borrowings with the lender.

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The privately held leasing company is actively growing its fleet of mid-life commercial aircraft with the addition of several Boeing 737NGsand Airbus A330 wide bodies in recent months.

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Going forward, AELF said that it was in negotiations for additional aircraft acquisitions.

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“Merchants Bank has been a key partner in AELF’s development, and we are very pleased to continue to expand that relationship as we grow the fleet and diversify our stable of high-quality airline partners,” said Phil Scruggs, board member for AELF.

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“Our partnership with AELF has been incredibly valuable as we continue to support their vision and innovation in the industry,” said Ariana Meiser, market president of Merchants Bank. “We strive to work alongside organizations like AELF and look forward to being part of their continued growth for years to come.”

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Earlier this month, AFG reported that AELF had closed its second transaction with Investec to finance the acquisition of an A330-200aircraft currently leased to Hawaiian Airlines.

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AELF acquired the A330-200 from Avolon, leveraging an interest rate swap provided by the Investec treasury sales and structuring. This deal follows a similar transaction where Investec and AELF collaborated to lease two 737-800s to South Africa’s Flysafair.