Press Release

SALE Launches US$100 Million Medium Term Notes Programme

21 Sep 2004

Singapore Aircraft Leasing Enterprise (SALE) has successfully launched a US$100 million multi-currency medium-term note (MTN) programme, with an initial one year S$80 million fixed rate note. The Singapore dollar issue, arranged by Standard Chartered Bank Singapore, was completed today and was oversubscribed. Standard Chartered Bank is the Arranger for the overall MTN programme.
The first issue was offered exclusively in Singapore and attracted a wide range of institutional investors. Proceeds from the issue will be used by SALE for general funding and working capital purposes.

Robert Martin, Managing Director and Chief Executive Officer of SALE, said that the MTN programme was the first time that the company had tapped the debt capital markets for unsecured short term notes. The company has previously issued two long-term secured bonds in the debt capital markets, in 2000 and 2001.

"With this programme SALE is able to diversify further its working capital funding base and will benefit from its ability to access the debt capital markets,' he said. "We are extremely pleased that the first issue attracted such wide interest from many new investors."

“Standard Chartered Bank is proud to have arranged this transaction and to bring yet another prime corporate with strong credentials into the S$ bond market. We believe that our strong sales platform and investor base was instrumental in our ability to meet SALE’s financing requirements” added Ms Euleen Goh, CEO of Standard Chartered Bank Singapore.

SALE is the leading Asia-based aircraft leasing company, with a portfolio currently comprising 62 modern aircraft flying with 30 airlines worldwide. Since it first began business ten years ago, the company has raised over US$3.8 billion in funding, primarily for aircraft acquisitions. In addition to debt capital markets, the company works with over 40 banks worldwide, as well as the European and American export credit agencies.

*******

For further information, please contact:
Sean Lee
Head, Corporate Communication
Tel: +65 6325 9557
[email protected]