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FINANCIAL NEWS
UAE’s Etihad in USD367m sale, lease back transactions
12 Jan 2012
(MENAFN) Etihad Airways’ President and CEO, James Hogan, said that the carrier mandated USD367 million sale and lease back transactions to Sanad Aero Solutions (Sanad) and Engine Lease Finance Corporation (ELF), reported Emirates 24/7.
Hogan added that the deal included the financing of Etihad’s 16 in-service spare engines and 7 future spare engine deliveries, adding that Sanad would acquire and lease back 5 GE90 and 6 Rolls Royce Trent 500 engines to Etihad Airways, whereas ELF would buy and lease back 6 Rolls Royce Trent 700 and 6 IAE V2500 engines to the airline.
He also said that the two deals would be for a 10-year operating lease term; on the other hand, he said that the spare engines would be for the carrier’s entire fleet of passenger and cargo aircraft.
It is worth noting that transactions would provide Etihad Airways, UAE’s national airline, with a long-term funding solution for its complete spare engine fleet while mitigating residual value risk and providing competitive cost of ownership over the long term.
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