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A Member of Bank of China Group

Press Release

SALE B777 Financing Closes Oversubscribed

01 Oct 2002

Singapore Aircraft Leasing Enterprise (SALE) has continued to attract competitive financing for its aircraft acquisitions, with the closing of an oversubscribed US$105 million facility for a new B777-300 delivered this week. The aircraft, bearing manufacturer serial number 29064, is leased to Emirates Airline of Dubai on a 10 year term.

The debt facility, repayable over a 12 year term, was jointly arranged and underwritten by Arab Bank PLC, The Development Bank of Singapore Limited and Standard Chartered Bank, with Standard Chartered Bank acting as Security Trustee. Banks joining the syndication included DekaBank Deutsche Girozentrale, acting as Co-Lead Manager, the Singapore branches of Bank of China and Bumiputra-Commerce Bank Berhad at Manager level, plus the Singapore branch of Bank of East Asia Limited at Co-Manager level. The deal marks the first time that SALE has worked with Bank of China.

Commenting on the deal, Robert Martin, Managing Director of SALE, said that the company had now successfully financed two B777-300s, one B747-400 Freighter and one A320 since the start of its current fiscal year on 1 April.

“Altogether, SALE has already raised a total of US$355 million in the first half of the year, reflecting our strong relationship with leading banks worldwide and our ongoing ability to attract new lenders,” he said. “The fact that the financing package was oversubscribed once again demonstrates the continued confidence of the banking community in SALE as a well-capitalised lessor.”

SALE has swiftly grown to become one of the world’s leading aircraft leasing companies. With the addition of the latest B777, the company’s portfolio now comprises 44 aircraft, with another 30 on order for delivery through to 2008. Offering true global coverage, SALE has offices in Singapore, London, Washington D.C. and San Diego, California.

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For further information, please contact:
Sean LEE
Tel: +65 96196549
e-mail: sean.lee@saleleasing.com