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Asia Deal of the Year - Leasing across the Taiwan strait
16 March 2009
Asia Deal of the Year: ICBC Leasing and Yangtze River Express for two 747-400SFs
Read more:
[ICBC Leasing]
[Yangtze River Express]
[747-400SF]
[Asia]
Borrower: Yangtze River Express
Asset: Two 747-400SFs
Deal value: $160 million
Structure: Finance Lease
Closed: November 2008
Term: Ten years
Lender: ICBC Leasing
Bridge loan provider: DVB
Arranger: ICBC Leasing
Delivery date: August 2008 and March 2009
Lawyers: Junhe Law for first aircraft in early November and Run Ming Law Office for the second aircraft in December (ICBC)
On the surface, the finance lease signed by ICBC Leasing and Yangtze River Express for two 747-400SFs might seem like a conventional transaction but it merits the award on a number of fronts.
The deal is politically significant because it marks the first time a Chinese financial institution has provided financing to a Taiwanese-owned airline.
Taiwan-based China Airlines has a 25% stake in Yangtze River, Hainan a 51% stake, with the remainder owned by two Taiwanese shipping companies.
The deal also marks the rise to prominence of ICBC Leasing, which is...
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