Philippine Airlines (PAL) has made a financing agreement with lessors GE Capital Aviation Services (GECAS) and Novus Aviation Capitol to cover the acquisition of four Airbus A321neos.

GECAS announced the arrangement June 28, saying it is providing senior debt for the A321s, while Dubai-based Novus will extend a mezzanine loan for each aircraft.

The first aircraft was delivered in May, with the remaining three scheduled for delivery before the end of 2018, GECAS said.

GECAS is the third largest owner of A320neos, with almost 220 aircraft on order. In 2017, the lessor ordered 100 A320neos, to be delivered by 2024 and powered by CFM LEAP engines.