Tiger Airways seals financing for four A320s
Tiger Airways Holdings Limited and Pembroke Group Limited, the aircraft leasing, financing and management subsidiary of Standard Chartered Bank, have inked a new multi-million dollar deal for the purchase and lease of four Airbus A320 aircraft.
Pembroke Group Limited has been mandated for the purchase and operating leaseback transactions by Tiger Airways following a competitive tender process. The four A320s are to be delivered by February 2012, following which the aircraft will be leased to Tiger Airways for a 12-year term. The financing facilities for the aircraft will be arranged, underwritten and funded exclusively by Standard Chartered.
Through a previously concluded arrangement, Standard Chartered is also the financier of the pre-delivery payments (PDP) for these aircraft.
The four aircraft are part of the 10 aircraft that are scheduled to be delivered during the financial year 2011-12 of Tiger Airways. European Export Credit Agency (ECA) backed financing has already been secured to enable Tiger Airways to purchase a further two of these aircraft, whilst financing options for the remaining four aircraft are currently being evaluated by the airline and details will be announced by Tiger Airways once concluded.
The purchase and leaseback transaction follows closely the conclusion by Standard Chartered of Tiger Airways’ third PDP financing arrangement covering fourteen aircraft deliveries which was concluded in December 2010.
Tony Davis, President & CEO of Tiger Airways Holdings Limited, said; “Tiger Airways is pleased to once again announce a significant transaction with Standard Chartered Bank in respect of aircraft financing. We are delighted to be expanding our relationship with Standard Chartered and Pembroke Group, as we continue to expand our network across the Asia Pacific region.”
Philippe Touati, Co-Head of Wholesale Banking, Standard Chartered Bank Singapore, added’ “Standard Chartered has stood firmly behind the phenomenal growth of Tiger Airways and is delighted to further strengthen our partnership with yet another milestone deal. The purchase and leaseback of four aircraft by Pembroke Group Limited financed by Standard Chartered, following our PDP and ECA-backed financing for Tiger Airways’ aircraft acquisition programme is testament to Standard Chartered’s strength in the market. We look forward to an even closer partnership to support Tiger Airways in soaring to greater heights.”
“Standard Chartered, and its subsidiary Pembroke, are delighted to be mandated for its first purchase and leaseback transaction with Tiger Airways. This transaction, when combined with the earlier financings completed over the last two years with Tiger Airways, demonstrates our commitment to partnering with key clients through the economic cycle. The growth of Tiger Airways to date and its expectations for the future are compelling success stories, of which we are excited to be a part,” said Garry Burke Chief Executive Officer Pembroke Group.