Willis Lease Finance Signs Lease Agreements with TAG Airlines

Willis Lease Finance entered into lease agreements with Transportes Aéreos Guatemaltecos (TAG Airlines) for four ATR 72-500 aircraft. As part of the five-year deal, the aircraft will be overhauled, refurbished and fitted with new Pratt & Whitney Canada PW127M engines. Aircraft deliveries are expected to begin in the first half of this year.

“Over the past two years, our regional and specialty assets group has focused on growth through opportunistic procurement rather than traditional sale and leasebacks,” Austin C. Willis, who officially became CEO of Willis Lease Finance today, said. “This has enabled us to provide quality aircraft and engines at attractive rates to our customers. We purchased these aircraft in late 2021, and we are delighted to have signed these leases with TAG.”

The ATR72-500 aircraft can hold up to 74 passengers in a two-by-two seating configuration.

“These four aircraft represent our flight into the future,” Julio Gamero, CEO of TAG Airlines, said. “We’ve been working with Willis Lease as a team to bring the aircraft to Guatemala in ‘as new’ condition. The interiors are new, the engines are new, the airframes have been completely overhauled, stripped to bare metal then painted in our new TAG livery. We are excited to offer these aircraft to our customers in Guatemala and throughout our network.”

In addition to the aircraft leases, TAG Airlines will be included in Willis Lease Finance’s ConstantThrust program. Under the agreement, program maintenance and care for the engines will be overseen by Willis Lease Finance, including the providing of spare engines when the need arises.

“This is the first time we have signed a regional airline to our ConstantThrust program,” Willis said. “To date, we have provided ConstantThrust to our large-fan engine customers. With the signing of TAG, we are breaking new ground, improving the levels of service for regional carriers and providing them the same kind of superior service, dispatch reliability and support that major international air carriers enjoy.”

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