SALE Raises Financing for B747-400 Freighter
17 Jul 2002
Singapore Aircraft Leasing Enterprise (SALE) has successfully secured a US$116 million loan facility for one new B747-400 Freighter. The aircraft was acquired new from Asiana Airlines of Korea on delivery on 23 May this year and leased back to the carrier for a period of 12 years.
The debt facility, repayable over the 12 year term, was jointly arranged and underwritten by DVB Group Merchant Bank (Asia) Ltd., Landesbank Schleswig Holstein International S.A. and Hamburgische Landesbank Girozentrale. The facility was successfully syndicated to Hypovereinsbank, Bremer Landesbank and the Industrial and Commercial Bank of China (ICBC).
Commenting on the deal, Robert Martin, Managing Director of SALE, said that this was the fourth financing to have been completed by SALE over the past nine months, with a total of US$504 million raised since September 2001, including unsecured loans.
“At a time when many financiers have adopted a cautious approach to the aviation sector, this latest deal reflects once again the continued confidence of the banking community in well-capitalised lessors such as SALE,” he said.
Established in 1993, SALE has swiftly grown to become one of the world’s leading aircraft lessors. The company currently has a portfolio of 41 modern aircraft, with another 31 on firm order for delivery through 2008. Offering global coverage, the company has offices in Singapore, London, Washington D.C. and San Diego, California.
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