02 Feb 2012
(MENAFN) Etihad Airways said that in order to lease spare engine parts, the carrier would get USD169 million in financing from Mubadala, the Abu Dhabi investment fund, and a commercial bank in the emirate, reported Emirates 24/7.
The carrier added that the facility would be arranged by Sanad Aero Solutions, which is a unit of Mubadala, and Abu Dhabi National Leasing (ADNL), the lease finance arm of National Bank of Abu Dhabi (NBAD).
The Abu Dhabi-based firm also said that a fully underwritten long-term lease facility was provided by ADNL to Sanad in order to acquire and lease back 5 GE90 and 6 Rolls Royce Trent 500 engines.
It is worth noting that each of the 11 engines is contracted for a ten-year operating lease term.
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