Israeli carrier El Al has obtained financing of $125 million for its first Boeing 787-8, which is scheduled for delivery during November. El Al currently operates 10 787-9s, and plans to purchase a total of six -8s
The financing is structured in the form of a JOLCO, the airline adds. The aircraft will be held by a special-purpose vehicle and transferred to the carrier's ownership after 10 years. (JOLCOs, often used to finance aircraft, have a minimum lease term of ten years. JOLOCs typically include a call option for an early buyoutâEBO, and lessees often expect to exercise the call option.)
All El Al 787s are powered by the British Rolls Royce Trent 1000 Engines.
El Al has also announced its intention to drop its 747 aircraft from its fleet and sell off 12 Pratt & Whitney PW4000 engines to an unidentified foreign buyer.