AWAS has funded a new Airbus A320 delivery for Qantas with the proceeds from its $360 million secured term loan.
The aircraft, MSN 5433, is the first of three A320s being delivered to Qantas by AWAS in the first quarter of this year. The A320 fleet will be operated by Jetstar Asia.
The operating lessor closed the six-year term loan in July 2012. AWAS said, at the time, the loan will refinance existing debt and fund the purchase four new aircraft in 2012.
Last October AWAS re-priced its $360 million term loan to 350 basis points (bps), taking advantage of more favourable market conditions. Arranger Goldman Sachs tightened the loan from the original spread of 450 bps.
AWAS says the recent upgrade in its corporate credit to "BB+" by Standard & Poor's also helped the lessor attract better pricing.