LAS VEGAS, NEVADA--(Marketwire - Oct. 9, 2011) - NBAA - Pratt & Whitney Canada (P&WC) and Bank of America Merrill Lynch (BofA Merrill) today announced a joint marketing agreement providing for preferred financing terms for new aircraft owners who finance their aircraft through BofA Merrill and enrol in P&WC's Eagle Service Plan (ESP® program) pay-by-the-hour engine maintenance program. The companies made the announcement at the National Business Aviation Association (NBAA) annual meeting and convention in Las Vegas, Nevada. P&WC is a United Technologies Corp. company (NYSE:UTX).
"We see this alliance with BofA Merrill as a strong endorsement of our ESP program," said Greg Miller, Eagle Service Plan Product Manager – Global Sales, P&WC. "Our ESP program allows our clients to pay for the ongoing maintenance of their aircraft engines on a pay-by-the-hour basis, giving them comprehensive maintenance with full cost predictability. By giving preferred financing to ESP program customers, BofA Merrill is endorsing P&WC's belief that an aircraft with engines enrolled in our ESP program, and thereby maintained by P&WC's global service network under our maintenance guidelines and procedures, retains its value longer and provides for higher resale valuation."
"At BofA Merrill, we are constantly looking for ways to make it easier for our clients to acquire aircraft with beneficial financing terms," said Michael Amalfitano, managing director and executive head, BofA Merrill Global Corporate Aircraft Finance. "Pratt & Whitney Canada's ESP program has proven popular with thousands of its clients. We are pleased to add Pratt & Whitney Canada to our line up of our preferred service providers, especially with how well its global reach aligns with ours."
The ESP program offers P&WC engine operators a complete range of maintenance coverage depending on the level selected: Gold, Silver, Gold Lite, or Silver Lite. Basic coverage includes both parts and shop labour for scheduled engine overhaul/refurbishment and hot section inspection; basic unscheduled engine and line replacement unit (LRU)/ accessory maintenance; and required product support improvements at shop visits. Other benefits include rental-engine support for covered events, engine condition trend monitoring (ECTM), and a labour allowance for trouble shooting.
Come and see us at NBAA, Hall N, booth no. 5633: Interested operators are invited to drop by P&WC's booth to speak with a customer service representative.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,800 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries.
Bank of America Corporation stock (NYSE:BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets business of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated, which is a registered broker-dealer and member of FINRA and SIPC, and, in other jurisdictions, a locally registered entity. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured -May Lose Value- Are Not Bank Guaranteed. www.bankofamerica.com
About Pratt & Whitney Canada
Founded in 1928, and a global leader in aerospace, Pratt & Whitney Canada is shaping the future of business aviation with dependable, high-technology engines. Every second, a P&WC-powered aircraft takes off or lands somewhere in the world. P&WC's engines, with more than 570 million hours in the air, are the industry benchmark for innovative design, dispatch reliability, operating economics and easy maintenance. P&WC is firmly committed to ensuring that its products are designed, produced and operated while minimizing environmental impacts throughout their life cycle.
There are currently more than 47,000 engines in service on over 25,000 aircraft operated by some 10,000 operators in 200 countries. The most extensive support network in the industry, which includes more than 30 company-owned and -designated service facilities, supports this global fleet.
P&WC has been taking front-line services to the next level with its Customer First Centre (CFirst). CFirst brings together a multidisciplinary and multilingual support team to resolve issues so that customers can return to service quickly. CFirst handles more than 100,000 contacts every year.
Based in Longueuil, Quebec (Canada), P&WC is a United Technologies Corp. company (NYSE:UTX). UTC is a diversified company providing high-technology products and services to the global aerospace and building industries.