Icelandair entered an insurance backed financing agreement with Itasca Re and NORD/LB of Hanover for two Boeing 737 MAX 8 aircraft. The total consideration of the transaction accumulates to around $67 million, with closing anticipated by the end of January 2023.

The aircraft are currently fully owned by Icelandair and were purchased using the Company´s own funds in the fall of 2022. The total consideration of the transaction accumulates to around $67 million with closing anticipated by the end of January 2023.

“Icelandair is delighted to team up with such strong parties as NORD/LB and Itasca Re on this important financing structure,” Bogi Nils Bogason, president and CEO of Icelandair Group, said. “The campaign we ran resulted in favorable terms, which clearly demonstrate the faith financiers have in the value of the 737 MAX aircraft, as well as in the strength of Icelandair and its proven business model.”