P&WC and Bank of America announce agreement
Oct. 11, 2011, Las Vegas, Nv. - Pratt & Whitney Canada (P&WC) and Bank of America Merrill Lynch (BofA Merrill) today announced a joint marketing agreement providing for preferred financing terms for new aircraft owners who finance their aircraft through BofA Merrill and enrol in P&WC's Eagle Service Plan (ESP(R) program) pay-by-the-hour engine maintenance program.
The companies made the announcement at the National Business Aviation Association (NBAA) annual meeting and convention in Las Vegas, Nevada. P&WC is a United Technologies Corp. company.
"We see this alliance with BofA Merrill as a strong endorsement of our ESP program," said Greg Miller, Eagle Service Plan Product Manager – Global Sales, P&WC. "Our ESP program allows our clients to pay for the ongoing maintenance of their aircraft engines on a pay-by-the-hour basis, giving them comprehensive maintenance with full cost predictability. By giving preferred financing to ESP program customers, BofA Merrill is endorsing P&WC's belief that an aircraft with engines enrolled in our ESP program, and thereby maintained by P&WC's global service network under our maintenance guidelines and procedures, retains its value longer and provides for higher resale valuation."
"At BofA Merrill, we are constantly looking for ways to make it easier for our clients to acquire aircraft with beneficial financing terms," said Michael Amalfitano, managing director and executive head, BofA Merrill Global Corporate Aircraft Finance. "Pratt & Whitney Canada's ESP program has proven popular with thousands of its clients. We are pleased to add Pratt & Whitney Canada to our line up of our preferred service providers, especially with how well its global reach aligns with ours."
The ESP program offers P&WC engine operators a complete range of maintenance coverage depending on the level selected: Gold, Silver, Gold Lite, or Silver Lite. Basic coverage includes both parts and shop labour for scheduled engine overhaul/refurbishment and hot section inspection; basic unscheduled engine and line replacement unit (LRU)/ accessory maintenance; and required product support improvements at shop visits. Other benefits include rental-engine support for covered events, engine condition trend monitoring (ECTM), and a labour allowance for trouble shooting.