Aircraft leasing company Avation added an additional aircraft to its fleet after entering into a sale and leaseback transaction with Cebu Air, for a new ATR 72-600 aircraft. 

The aircraft was scheduled to be delivered on the 24th of May when it would commence a long-term, market rate operating lease. This aircraft was in addition to Avation's order book for ATR aircraft.

Cebu Pacific, a low-cost carrier and the largest airline group in the Philippines domestic market, flies internationally to 26 destinations and had been consistently profitable since its IPO in 2010. 

Avation said it had secured financing for this aircraft at 'favourable terms, reflecting the airline's financial strength.'

At 10:18am: (LON:AVAP) Avation Plc share price was 0p at 292p