El Al Israel Airlines said on Monday it agreed to buy a Boeing 747-400 made in 1994, currently being leased by Singapore Airlines, as part of its fleet expansion plans.
An El Al spokeswoman said Singapore Airlines leases the plane from Wells Fargo Bank and will be returning it to the lessor later this year.
El Al will invest USD$50 million in the aircraft and said it would receive the plane no later than December 2008. It will use USD$10 million from its own funds for the purchase while the rest will come from loans from a foreign bank.
(Reuters)
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January 14, 2008 at 11:03 pm