Icelandair entered into agreements with Aviation Capital Group regarding the financing of three Boeing 737 MAX aircraft.

The transaction consists of a sale and leaseback of two Boeing 737 MAX8 aircraft and a finance lease of one Boeing 737 MAX9 aircraft. The aircraft are scheduled for delivery in December and January.

As previously announced, Icelandair had backstop financing in place for these three aircraft, which will not be exercised. Following this transaction, Icelandair has completed financing of all 12 of the 737 MAX aircraft it originally ordered from Boeing in 2013.

“Icelandair is delighted to team up with ACG, a long-lasting business partner, on this transaction,” Bogi Nils Bogason, president and CEO of Icelandair Group, said. “The campaign we ran for this financing resulted in favorable terms that both show the faith that financiers have in the value and the opportunities of the aircraft as well as in the strength of Icelandair and its business model.”