Turkish Airlines closes landmark Itasca JOLCO Financing for new A350-900 aircraft

Turkish Airlines has successfully finalized a landmark financing agreement for the acquisition of two new Airbus A350-900 aircraft, significantly enhancing its rapidly expanding fleet. This innovative transaction combines Itasca insurance-backed financing with a Japanese Operating Lease with Call Option (JOLCO) structure, introducing a novel model into the airline's diverse aircraft financing portfolio.

The deal represents a collaborative effort among key international financial partners. Itasca provided its specialized insurance solution, while Bank of China served as the sole lender and facility agent for the JOLCO structure. JP Lease arranged and underwrote the JOLCO equity. This particular financing marks Turkish Airlines' inaugural Itasca JOLCO transaction and establishes a new aircraft financing partnership between Bank of China, JP Lease, and Türkiye's national flag carrier.

Assoc. Prof. Murat Şeker, CFO of Turkish Airlines, stated that this transaction underscores the confidence of global financial institutions in the airline's strategy and its commitment to diversifying funding through sustainable and innovative structures. Executives from Bank of China, JP Lease, and Itasca also lauded the successful collaboration, reaffirming their support for Turkish Airlines. The integration of these two A350-900 aircraft directly supports Turkish Airlines' long-term strategic objectives, emphasizing robust financial management and the continuous development of advanced aviation financing models with its international partners.