Chinese banks have stepped up $215 million
in unsecured funding for Air Lease (ALC), with Bank of
China extending $90 million to the lessor and Industrial and Commercial Bank of China committing a further $125 million.
The funding
is part of an upsized revolving credit agreement signed on 27 May with a group of
39 banks, Air Lease tells Airfinance Journal. The
four-year unsecured revolving bank credit agreement was increased to $3.13 billion from $2.78 billion. JP Morgan led the deal.
The deal remains priced at 125 basis points over Libor, plus a 25 bps facility fee.
Chinese
financiers also supported BOC Aviation’s $1.1 billion initial public offering (IPO) of shares this
week.
China Investment and Silk Road Fund made the largest
individual contributions to the lessor's IPO out of the 11
cornerstone investors, sources indicate. Each extended $100 million in
funds sources say.
Boeing made a $30 million investment into the Bank of China
leasing subsidiary – an amount that ALC notes is three times less than what the
Bank of China extended to ALC as part of its revolving facility. China
Development Bank, source say, invested a further $60 million into the Singapore-based lessor,
which will debut on the Hong Kong Stock Exchange on 1 June.
Last week Air Lease placed
three new Airbus A321s, one new Airbus A321-200neo and one new A320-200neo on
long-term leases to Icelandic operator, Wow air. The first A321 delivered
earlier this month, with the remaining two A321s delivering in the third
quarter and fourth quarter of this year, respectively. The A320-200neo and
A321-200neo aircraft are scheduled to deliver in the first quarter of 2017 and
the first quarter of 2018, respectively.
Air Lease says it acquired
three aircraft from another operator just after delivery from Airbus and the
other two aircraft are from ALC’s orderbook with the European manufacturer.
The Los Angeles-based lessor
also placed an additional two new A350-900s with Malaysia Airlines.
The two aircraft, which are scheduled to deliver in the second quarter of 2018,
follow the placement of four new A350-900s with the airline last
September.
To see all of ALC’s recent and historic deals visit Airfinance Journal’s Deals Database.
Laura.Mueller@euromoneyplc.com
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