Boeing Announces 777 Freighter Sales to Oak Hill Capital Partners
For Immediate Release
Seattle, WA. April 26, 2007 – The Boeing Company [NYSE: BA] and Oak Hill Capital Partners, a leading private equity firm, today announced an order for six Boeing 777 Freighters. The order is valued at about $1.4 billion, at list prices.
The six-airplane order brings Boeing’s total for the twin-engine freighter to 71 airplanes from 10 customers since its launch in May 2005. Oak Hill will be purchasing these planes through a new aircraft leasing platform that it is establishing in connection with the purchase.
“This is a great opportunity for us to work with the excellent team at Oak Hill Capital Partners as our newest 777 customer,” said Ray Conner, vice president, Sales – Boeing Commercial Airplanes. “Oak Hill is well-positioned to help in expanding the customer base for the 777 Freighter, by allowing operators to experience the superior economics and reliability for which the 777 family is known.”
Rowan Taylor, a partner with Oak Hill Capital Partners, added, “This is an important component of Oak Hill’s overall aerospace investment strategy. We look forward to continuing to work with the Boeing team to expand our aircraft portfolio.”
The 777 Freighter is based on the 777-200LR Worldliner (Longer Range) passenger airplane. The twin-engine cargo airplane provides revenue payload capability of 229,000 pounds (104 tonnes) with a range of 4,885 nautical miles (9,047 km), and the lowest trip cost of any large freighter.
The 777 Freighter will have unmatched capacity for a twin-engine freighter and is designed to facilitate easy cargo transition with the Boeing 747 Freighter, the world’s most popular cargo airplane. Both models are capable of 10-foot-high (3.1-meter) loads and load densities up to about 10 pounds per cubic foot (160 kg per cubic meter).
The 777 Freighter will be powered exclusively by the world’s most powerful commercial jet engine, General Electric’s GE90-110B1L and will meet QC2 noise standards for maximum accessibility to noise-sensitive airports.