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Bezen & Partners Acts for CALC in its Closing of First Ever JOLCO

China Aircraft Leasing Group Holdings Limited (“CALC”), the largest independent operating aircraft lessor in China, has closed its first Japanese Operating Lease with a Call Option (“JOLCO”) financing in relation to two new Airbus A320 delivered to Pegasus Airlines in June. Turkey’s leading low cost airline, Pegasus Airlines, will be CALC’s first customer in Europe. This transaction is the first of its kind where a JOLCO has been used in the financing of equity on an operating lessor for operating leases to a Turkish airline. The transaction was the result of many months of structuring work combining experience and skills of many different parties. Bezen & Partners was involved in the transaction as Turkish legal advisor to CALC together with Watson Farley & Williams LLP who acted as international counsel to CALC.