Press Release

SALE Mandates ECA Financing for 10 More Airbus Aircraft

16 Jan 2003

Singapore Aircraft Leasing Enterprise (SALE) has awarded a joint mandate to BNP Paribas, Kreditanstalt für Wiederaufbau and WestLB AG for the financing of 10 Airbus A320 family aircraft supported by a Export Credit Agency (ECA) facility. Under the terms of the mandate, the banks will provide the major ECA-guaranteed funding plus a mismatch loan for each aircraft to optimise debt repayments. The arrangers will commence a limited syndication this week, with BNP Paribas acting as Facility Agent and Security Trustee.

The financing package covers all aircraft joining the SALE fleet new this year, comprising five A320s and two A321s, as well as three A320 family aircraft for delivery in 2004. With the exception of one A320, all the 2003 aircraft have already been pre-placed with operators on a long-term basis. The 2004 deliveries to be covered by the mandate will be selected by SALE at a later date.

Altogether, SALE has now raised a total of US$2.9 billion in commercial, ECA and EXIM supported funding, as well as US$147 million through two Singapore bond issues.

Established in 1993, SALE has swiftly grown to become one of the world’s leading aircraft leasing companies, with a current portfolio of 44 modern aircraft and another 29 on firm order. Offering true global coverage, the company has offices in Singapore, London, Washington D.C. and San Diego, California.

In total, SALE has placed firm orders with Airbus for 51 A320 family aircraft, of which 22 have already been delivered.

Note for non-financial media:

ECA support for funding is provided on a selective basis by the export credit agencies of France, Germany and the UK. Under the terms of the facilities, banks are guaranteed repayment of loans in the event of a default by the borrower. The US EXIM Bank provides similar guarantees for the export of Boeing aircraft.

For further information, please contact:
Sean LEE
Tel: +65 6325 9557
Mobile: +65 9619 6549
e-mail: [email protected]