Finnair Plc             Stock Exchange Release            28 September 2021 at 9.00 a.m. EEST

 In conjunction with Finnair’s efforts to emerge from the corona crisis, the company is proceeding with its refinancing plan and has finalised a sale and leaseback arrangement for four of its Airbus A350 aircraft. In the arrangement, Finnair sold these aircraft – delivered between June 2017 and February 2019 – and has leased them back for its own operation. The operating lease period is, on average, 12 years and the counterparties are GE Capital Aviation Services (“GECAS”) and Pacific Investment Management Company LLC (“PIMCO”) as the lessors; GECAS is the lease servicer.

The arrangement will not have a significant impact on Finnair’s operating result for the third quarter of 2021; however, the immediate positive cash effect for Finnair is in excess of 400 million US dollars. Finnair will use the cash to refinance existing debt and retire its undrawn revolving credit facility of 175 million euros.

“This is the biggest single aircraft financing transaction in the history of our company”, says Finnair’s CFO Mika Stirkkinen. “It is a significant part of our refinancing plan, which we have executed diligently during the pandemic, and it helps us to further improve our capital structure.”

Finnair has ordered a total of 19 new A350-900 XWB aircraft from Airbus, of which 16 have been delivered. The remaining three A350 aircraft are expected to be delivered in the second quarter of 2022, the fourth quarter of 2024 and the first quarter of 2025.

The fleet operated and/or owned by Finnair is shown at the company website at and updated on a quarterly basis in the company’s financial reports. 


Further information:
Finnair communications, 358 9 818 4020,

Principal media

Finnair is a network airline, specialising in connecting passenger and cargo traffic between Asia and Europe via the short northern route. Sustainability is at the heart of everything we do –  Finnair intends to reduce its net emissions by 50% by the end of 2025 from the 2019 baseline and achieve carbon neutrality latest by the end of 2045. Finnair is a member of the oneworld alliance. Finnair Plc’s shares are quoted on the Nasdaq Helsinki stock exchange.–sale-and-leaseback-agreement-for-four-a350-aircraft-clo,c3422600

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