Southwest Airlines (WN, Dallas Love Field) has signed sales/lease-back agreements “with certain counterparties” for gross proceeds of around USD815 million, the carrier said in a stock exchange filing.

The Texan LCC will sell and lease back 20 aircraft, namely ten B737-800s and ten B737-8s, proceeds from which will be used “for general corporate purposes.”

Southwest currently possesses a fleet of 740 aircraft, 672 of which are owned, the ch-aviation fleets module shows. The fleet includes 498 B737-700s, thirty-five B737-8s and 207 B737-800s.

The airline did not specify the duration of the leaseback agreements or the company it was selling the aircraft to. But global lessor BOC Aviation confirmed in a statement on May 11 that it had inked a purchase-and-leaseback agreement with Southwest for the ten MAX 8s.

Standard Chartered Aviation Finance later confirmed it had closed with Southwest the purchase and leaseback of ten B737-800s built in 2018 and powered by CFM56 engines. That deal was structured, financed, and arranged exclusively by Standard Chartered Bank.

“We are delighted to be working with Southwest Airlines once again, building on a long-term relationship that dates back to 2008,” Robert Martin, managing director and chief executive of BOC Aviation, said in the statement.

“This is the sixth major aircraft investment that we have announced this year, which reflects our company’s ability to provide innovative financing solutions for large-volume transactions and our commitment as a global partner to our airline customers,” he elaborated.

In April, United Airlines (UA, Chicago O'Hare) signed sale-and-leaseback agreements, also with BOC Aviation, covering sixteen B737-9s and six B787-9s. That transaction's value was not disclosed, but all 22 aircraft are subject to binding orders from Boeing and are scheduled to deliver in 2020, the carrier said.

The moves will help Southwest and United conserve funds at a time when air passenger traffic in the United States has dropped by 95% since March due to the coronavirus crisis and airlines are collectively burning more than USD10 billion a month, according to Reuters.