Flexjet LLC – a newly created company funded by a group led by Directional Aviation Capital –is doubling its 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 $1.2 billion, based on the 2013 list prices. The options were originally purchased on Sept. 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 $2.4 billion for 115 aircraft and 150 options. If all options are exercised, the total value of the order will increase from $5.2 to $5.6 billion.
“Anticipation for the Learjet 85 aircraft has been building since the program was first launched. In fact, we have already sold 68 shares to those eager to be the first to fly on the business jet that is set to redefine the midsize category,” says Deanna White, president, Flexjet. “The Learjet 85 aircraft is poised to usher in a new generation in flight, and we relish the opportunity to welcome even more of these revolutionary new jets to our fleet.”
“The original Learjet 85 order for 30 firm aircraft and 75 options was an indicator of how important we felt this midsize aircraft was to our core market,” adds Kenn Ricci, principal, Directional Aviation Capital. “After reviewing our long-term fleet strategy and listening to customer needs, we believe the Learjet 85 aircraft will be a distinct competitive advantage and an important contributor to our future growth. This investment confirms our belief the Learjet 85 aircraft will undoubtedly meet the needs of our owners for many years to come.”
Flexjet is the launch customer for the all-new Learjet 85 aircraft and recently completed an exclusive six-city tour to showcase its high-performance advantages, innovative technology, and comfort to hundreds of current owners and prospective customers. The first deliveries from this conversion of options order are scheduled to begin following the original firm aircraft order for 30 Learjet 85 aircraft. Completion of this transaction is subject to the approval of all required governmental and regulatory authorities and other customary closing conditions.
In September, Flexjet announced its purchase by a group led by Directional Aviation Capital and the largest private aviation order in its history valued at approximately $5.2 billion for up to 245 Bombardier business jets. The transaction for the sale of Flexjet is expected to close by the end of the year.
Bombardier shared new details of its progress on the Learjet 85 aircraft program during a press conference at the National Business Aviation Association Conference and Exhibition in Las Vegas.
The Learjet 85 is making headway towards its first flight, which is expected to take place before the end of the year. Building of the first Learjet 85 Flight Test Vehicle (FTV1) is now complete. The Complete Aircraft Static Test (CAST) article has completed its structural safety of flight testing at the National Institute for Aviation Research (NIAR).
The program is now close to complete on system supplier requirements for safety of flight. The manufacture of the fuselage and wing for the second Flight Test Vehicle (FTV2) are complete. The fuselage has been shipped to Wichita, Kan., from Mexico and the wing is being readied for shipment. Other Flight Test Vehicles are in various stages of assembly in Mexico and with other suppliers.
The jet is powered by two Pratt & Whitney Canada PW307B engines, each boasting 6,100 lb of take-off thrust at sea level up to 86ºF (30ºC) and low noise levels, while the advanced low NOx-emitting combustor offers reduced environmental impact. The aircraft targets a high-speed cruise of Mach 0.82 and a transcontinental range of approximately 3,000nm (5,556km).
The Learjet 85’s flight deck combines advanced technology and superior design aesthetics from the Bombardier Vision flight deck, while its cabin will feature a high-capacity Ethernet network, a digitally amplified high-fidelity speaker system, and an interface to support the aircraft cabin environment, including lighting and temperature control. The cabin management system’s open architecture also allows for integration of third-party equipment and new applications, such as high-definition features.
Source: Bombardier Aerospace