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Monday, October 21, 2013

Flexjet Doubles Firm Learjet 85 Order, Adds More Options

Flexjet, LLC -- a newly created company funded by a group led by Directional Aviation Capital -- said it is doubling its recent Learjet 85 order of 30 aircraft by converting 30 options into firm orders for a total of 60 business jets valued at about $1.2 billion, based on the 2013 list prices. The options were originally purchased on Sept. 5, as part of its order for up to 245 Bombardier business jets. Additionally, Flexjet, LLC is procuring incremental options for 20 Learjet 85s. This latest transaction increases the total firm aircraft order to $2.4 billion for 115 aircraft and 150 options. If all options are exercised, the total value of the order will increase from $5.2 to $5.6 billion.

“Anticipation for the Learjet 85 aircraft has been building since the program was first launched. In fact, we have already sold 68 shares to those eager to be the first to fly on the business jet that is set to redefine the midsize category,” said Deanna White, president of Flexjet. “The Learjet 85 aircraft is poised to usher in a new generation in flight, and we relish the opportunity to welcome even more of these revolutionary new jets to our fleet.”

“The original Learjet 85 order for 30 firm aircraft and 75 options was an indicator of how important we felt this midsize aircraft was to our core market,” added Kenn Ricci, principal of Directional Aviation Capital. “After reviewing our long-term fleet strategy and listening to customer needs, we believe the Learjet 85 aircraft will be a distinct competitive advantage and an important contributor to our future growth. This investment confirms our belief the Learjet 85 aircraft will undoubtedly meet the needs of our owners for many years to come.”

Flexjet is the launch customer for the all-new Learjet 85 aircraft. The first deliveries from today’s order are scheduled to begin following the original firm aircraft order for 30 Learjet 85 aircraft.

Last month, Flexjet announced its purchase by a group led by Directional Aviation Capital and the largest private aviation order in its history valued at about $5.2 billion for up to 245 Bombardier business jets. The transaction for the sale of Flexjet is expected to close by the end of the year.

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