America West And Boullioun Complete $125 Million Sale-Leaseback

America West Holdings Corporation
(NYSE: AWA) and Boullioun Aviation Services Inc. today announced a
sale-leaseback transaction in which Boullioun acquired five Boeing 737-300 and
one Boeing 757-200 aircraft—together valued at more than $125 million—
from America West Airlines, Inc.  America West will lease the six aircraft
back from Boullioun for approximately five and one-half years.
America West currently leases one Boeing 737-300 from Boullioun.
Boullioun, based in Bellevue, Washington, also manages the leases to America
West of three Boeing 737-300s owned by Deutsche Bank and two Airbus A320s
owned by Singapore Aircraft Leasing Enterprise.
“We`re pleased to have worked with Boullioun on this transaction,” said
W. Douglas Parker, America West executive vice president, corporate group.
“Their expertise and efficient approach resulted in Boullioun being extremely
“We are delighted to close another deal with America West,” Boullioun
President and Chief Executive Officer Robert J. Genise said.  “We were able to
meet America West`s needs because our team has the experience and the access
to attractive financing through our Deutsche Bank parent company.  Boullioun
will pursue similar opportunities elsewhere in the marketplace to acquire
high-quality, popular Stage III aircraft.”
Founded in 1986 by aviation industry veteran E.H. “Tex” Boullioun,
Boullioun Aviation Services, one of the world`s top three aircraft operating
lessors, leases aircraft to airlines around the world both for itself and in
collaboration with its affiliate, Singapore Aircraft Leasing Enterprise
(S.A.L.E.), in which Boullioun has a 35.5 percent stake.  The two companies`
combined portfolios contain 59 aircraft with a total book value of
US$2 billion.  Together, the two companies have 98 aircraft on firm order
valued at US$5 billion, plus options.
Boullioun is owned by Deutsche Bank AG, which has assets of more than
795 billion Euros (US$817 billion) and AA/Aa3 credit ratings from Standard and
Poor`s and Moody`s Investors Service, respectively.  The Frankfurt,
Germany-based bank is one of the world`s largest and strongest banks, with
more than 2,300 offices in 68 countries.
America West Holdings Corporation is an aviation and travel services
company with 1998 sales of $2.0 billion.  Its wholly owned subsidiary, America
West Airlines, is the nation`s ninth largest carrier serving more than 90
destinations in the U.S., Canada and Mexico.  The Leisure Company, also a
wholly owned subsidiary, is one of the nation`s largest tour packagers.