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Flexjet doubles firm Learjet 85 order

US fractional aircraft leasing firm Flexjet LLC said it is doubling a recent Learjet 85 aircraft order of 30 aircraft by converting 30 options into firm orders for a total of 60 business jets valued at approximately USD 1.2bn based on the 2013 list prices.

The options were originally purchased on September 5, 2013 as part of the historic order for up to 245 Bombardier business jets. Additionally, Flexjet, LLC is procuring incremental options for 20 Learjet 85 aircraft.

This latest transaction increases the total firm aircraft order to USD 2.4bn for 115 aircraft and 150 options. If all options are exercised, the total value of the order will increase from USD 5.2 to USD 5.6bn.

Flexjet is the launch customer for the all-new Learjet 85 aircraft. The first deliveries from this order are scheduled to begin following the original firm aircraft order for 30 Learjet 85 aircraft.

Last month, Flexjet announced its purchase by a group led by Directional Aviation Capital and the largest private aviation order in its history valued at approximately USD 5.2bn for up to 245 Bombardier (TSX: BBD-B) business jets. The transaction for the sale of Flexjet is expected to close by the end of the year.

Flexjet has an approved fractional ownership program pursuant 14 C.F.R. Part 91, Subpart K, and manages flights for individual aircraft owners under Part 91 whole aircraft management program.

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