Browse
related articles
It has also mandated a separate group of regional and international banks to raise a further $148m financing facility, under a French lease structure, to acquire a third new A340-600 aircraft.
The $250m secured commercial loan facility has been provided by three separate banks, led by co-arrangers and lenders Abu Dhabi Commercial Bank, Arab Banking Corporation (ABC) and Standard Chartered Bank.
The $148m lease financing is being coordinated by Calyon, the international banking and capital investment arm of French bank, Credit Agricole, and involves French lease arrangers, BNP Paribas-Capstar Partners and Natixis Transport Finance. The deal involves four debt providers: BNP Paribas-Capstar Partners, Calyon, Gulf International Bank and National Bank of Abu Dhabi.
Two of the aircraft have been recently received by Etihad and are already in service. The remaining aircraft is due to be delivered to Etihad in December 2007.
James Hogan, Etihad Airways' chief executive, said:
"In four short years Etihad has evolved from a start-up airline into a major player in the international aviation arena. It is pleasing that Etihad now enjoys the credibility and confidence of the regional and international financial community to make a deal of this size and significance possible."
"This agreement is indicative of the strong relationship between Etihad Airways and the financial community. We appreciate the support of like-minded business partners who continue to underpin the present and future growth and development of Etihad Airways. "
Shayne Nelson, regional chief executive officer of Standard Chartered Bank Middle East and North Africa, acting as co-arranger and lender for the $250m secured commercial loan facility, said: "This is an innovative aircraft financing deal not only for Standard Chartered, but for Etihad Airways, our banking partners in this deal and the UAE banking industry.
"The bank has established a formidable reputation for being an innovative market leader and a reliable business partner, providing clients with the most effective capital raising solutions to achieve their financing and investment objectives.
"Standard Chartered, Abu Dhabi Commercial Bank and Arab Banking Corporation, the co-arrangers and lenders in this transaction, underscore our ability to facilitate vital projects in the development of Abu Dhabi, while demonstrating our support for Etihad's continued strong growth."
"Our partnership with Etihad certainly demonstrates the Standard Chartered Bank's international capabilities and domestic strength to provide the breadth and depth in financing solutions."
Anne Marie Siffroy-Pytlak, senior vice president of Calyon, global co-ordinator of the USD148 million lease financing, added: "We are proud today to be part of the success story of Etihad. The national flag carrier of the UAE has demonstrated its ability to source a very innovative and competitive financing for its a 340-600 aircraft through a sophisticated lease structure arranged by powerful international and regional banks."
The Etihad fleet presently comprises 33 aircraft and will grow to 37 by the end of the year, with the delivery of three Airbus A320 aircraft and one additional Airbus A340-600 aircraft in December.
The $398m facilities are part of several financing deals arranged by Etihad this year, aggregating to nearly $1.4b.
Digg
Facebook
LinkedIn
Twitter
Posted by Anne-Birte Stensgaard, Senior News Editor
It looks like you are using a Mac - check out our 
Web Feeds