Air China Cargo has mandated HSBC to finance upcoming Boeing 777 freighters, Flightglobal understands.
The bank will act as sole mandated lead arranger of a US Export-Import Bank-guaranteed financing structure with a capital market take-out option covering three 777F deliveries scheduled for 2014 and 2015.
Flightglobal’s Ascend Online database shows two deliveries are scheduled for October and November this year. The remaining aircraft under this mandate are due in January 2015.
In February this year, shareholders Air China, Cathay Pacific and Fine Star Enterprises agreed to inject a further CNY2 billion ($328 million) into Air China Cargo.
Air China’s board of directors approved a CNY1.02 billion capital injection. Cathay will meanwhile contribute CNY500 million and Fine Star CNY480 million.
Air China owns 51% of the cargo operation, with Cathay holding 25% and Fine Star the remaining 24%.