Flexjet places firm order for 30 Learjet 85s
Oct. 21, 2013, Las Vegas, Nv. - Bombardier announced today that Flexjet, LLC has placed 30 new firm orders for Learjet 85 aircraft.
October 21, 2013 By Carey Fredericks
The options were purchased on September 5, 2013 as part of Flexjet's historic order for up to 245 Bombardier business jets. In addition, Flexjet, LLC, is procuring incremental options for 20 Learjet 85 aircraft. This latest transaction, including conversions of options from a previous order, brings the total number of Learjet 85 aircraft purchased by Flexjet, LLC to 60, for a value of approximately $1.2 billion US, based on the 2013 list price for the aircraft. Flexjet, LLC, is a newly created company owned by Directional Aviation Capital and is an exclusive operator of Bombardier business aircraft.
"We're very proud to see Flexjet, LLC placing their trust in our new Learjet 85 aircraft," said Steve Ridolfi, President, Bombardier Business Aircraft. "This endorsement is a tremendous vote of confidence as we move towards the first flight of the Learjet 85 jet before the end of the year. It's definitely a great way to celebrate Learjet's 50th anniversary," he added.
On September 5, 2013, Flexjet, LLC placed a firm order for 85 business aircraft (25 Learjet 75, 30 Learjet 85, 20 Challenger 350 and 10 Challenger 605 jets). The agreement also included options for an additional 160 business jets. Today's conversion of options to orders of 30 additional Learjet 85 aircraft brings the firm order portion of the transaction to approximately $2.4 billion US, for a total of 115 firm orders and the number of options to 150 business jets. If all the options are exercised, the total value of the order will now be approximately $5.6 billion US, also based on 2013 list prices.
"Learjet aircraft is without a doubt an iconic product," said Kenn Ricci, Principal, Directional Aviation Capital. "Significant Customer demand has convinced us that increasing the size of the Learjet 85 fleet is not only necessary, but will give us a significant product advantage. With a modern interior, range capability and speed, the Learjet 85 will support our discerning clients and leave us uniquely positioned for our future needs."
Completion of this transaction is subject to the approval of all required governmental and regulatory authorities and other customary closing conditions.