AWAS closes debt financing on Vanilla Air A320

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Operating lessor AWAS has closed a commercial debt facility with three banks for the financing of the first Airbus A320 for Japanese start-up Vanilla Air.

The aircraft (MSN 5844) was delivered last week.

BNP Paribas (Singapore branch), the Development Bank of Japan and Tokyo Star Bank are the debt providers in the transaction.

The French bank acted as agent and security trustee of the facility and provided a senior bullet tranche.

The Development Bank of Japan and Tokyo Star Bank provided a senior amortising tranche.

The A320 is part of a two-aircraft mandate. The second aircraft is expected to close next year.

Vanilla Air is a wholly-owned subsidiary of All Nippon Airways and will commence operations on 20 December. The budget carrier will start off with two A320s, increasing its fleet to five aircraft by the end of March 2014. It plans to have 10 A320s by 31 March 2016.