7 March 2022 – Dublin, Ireland: Aergo Capital Limited (“Aergo”) has successfully completed the purchase & leaseback of five (5) De Havilland Dash 8-400 aircraft with Porter Aircraft Leasing Corp., a wholly-owned subsidiary of Porter Aviation Holdings Inc. (Porter). The aircraft bearing manufacturing serial numbers 4130, 4134, 4138, 4140 and 4193 all closed in December 2021, and are operated by Porter from their Toronto headquarters
Fred Browne, Chief Executive Officer of Aergo, commented: “We are very happy to have completed the acquisition of these five (5) Dash 8s from Porter. We hold a continued belief that investments in the regional and turboprop space presents great opportunities and are looking forward to working with Porter.”
“The ability to capitalize a portion of Porter’s Dash 8 fleet demonstrates that we have additional financing options to strengthen our balance sheet,” said Jeffrey Brown, executive vice president and CFO, Porter. “We intend to use these funds as supplementary working capital as the airline industry continues its pandemic recovery.”
Smith, Gambrell & Russell, LLP acted as a lead counsel to Aergo, and KPMG advised on tax matters. Seabury Securities LLC acted as advisor and placement agent to Porter for these transactions, with Parr Brown Gee & Loveless acting as lead legal counsel.