MONTREAL — Air Transat has entered into engine sale and leaseback agreements for four Pratt & Whitney GTF1 spare engines with Rolls-Royce & Partners Finance (RRPF) Engine Leasing Limited.

Air Transat says the transactions, valued at US$85 million, will allow the airline to increase its liquidity while continuing to use the spare engines on an as-needed basis to power its A321LR fleet.

Three of the transactions closed on October 29, while the fourth is expected to close on or about November 5.

Proceeds from the sales will be used to fund the company’s operations, according to a statement from Air Transat.