BA closes more JOLCOs on A380s

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British Airways (BA) has closed Japanese operating leases with call options (JOLCO) on two new Airbus A380s, according to a financing source.

The aircraft, which were delivered in the third quarter of this year, were financed using the $1.7 billion multi-option umbrella facility that closed in October 2007.

The British flag carrier, which operates a three-aircraft A380 fleet,financed the previous delivery through a JOLCO structure as well. The financing was arranged by French bank Crédit Agricole Corporate and Investment Bank (CA-CIB) combined with an export credit facility. Banco Santander and Bank of America Merrill Lynch acted as the lenders of the Euler Hermes-supported ECA portion.

The A380s are part of a 12-aircraft order with deliveries scheduled through 2016.