Doric orders 20 Airbus superjumbos: statement

The Doric aircraft financing group signed a provisional order on Monday for 20 Airbus superjumbo A380 airliners with a catalogue price of about $8.0 billion (6.0 billion euros), a statement said.

Boosting sales of the A380 is of particular importance to Airbus, which said in a statement that with this investment Doric would be able to offer the aircraft on tailor-made terms for airlines.

This would facilitate use of the plane by airlines around the world, Airbus said.

Doric Asset Finance has provided finance for orders by airlines such as Emirates and Singapore Airlines.

The deal was announced on the opening day of the Paris Air Show at Le Bourget.

Under leasing arrangements, an airline enters into a rental agreement with the leasing company, thereby avoiding having to find the purchase capital from its own resources.

Airbus said that Doric was the third-biggest such company in the world, in terms of value, providing leasing arrangements for jumbo aircraft and was the biggest in terms of managing such deals for the A380 superjumbo.

Doric currently manages aircraft worth $6.0 billion, including 18 A380 airliners purchased under sale and leaseback agreements, so the latest deal represents a substantial increase.

The latest agreement in principle, or outline deal, is expected to be confirmed in a few months.

The year 2012 was a difficult period for the A380 because micro cracks were detected where the wings join the fuselage.

Airbus is correcting the problem, but the manufacturer had taken no orders for the A380 since the beginning of 2013.