Singapore-based aircraft lessor BOC Aviation has mandated two financings that total $597 million for 16 aircraft to be acquired between October 2009 and March 2010.
One financing is for $301 million, the other is for $296 million, says BOC Aviation. Both are facilitated by Citigroup.
The $301 million financing is guaranteed by European Export Credit Agencies. It covers eight Airbus A320s to be delivered from October 2009 to March 2010, say BOC Aviation.
The $296 million financing is guaranteed by the US Exim Bank and covers eight Boeing 737s to be delivered from October 2009 to February 2010. BOC Aviation adds that it has an option to replace this initial financing with a US Exim Bank guaranteed capital markets issue at a later date if market conditions are attractive.
"We are very pleased to receive support from both the US Exim Bank and European Credit Agencies which demonstrates their confidence in BOC Aviation," says BOC Aviation chief financial officer Phang Thim Fatt. "They play a key role in our overall funding strategy, complementing financings from our banking group of 42 financial institutions and our parent, Bank of China."
Source: Air Transport Intelligence news
