Cebu Pacific closes ECA financing on A320

This story is sourced from Pro
See more Pro news »

Cebu Pacific Air has financed a new Airbus A320 delivery with a 12-year export credit agency (ECA) guaranteed loan transaction.

The A320 (MSN 5381) is the last of a three-aircraft mandate with KfW IPEX-Bank and Sumitomo Mitsui Banking (SMBC).

Both banks are acting as joint arrangers of the transaction, with KfW IPEX-Bank also acting as agent and security trustee.

The first aircraft under this mandate (MSN 5250) was delivered in August, while the second unit (MSN 5320) followed in October.

According to Flightglobal's Ascend Online database, Cebu Pacific Air has seven more A320s joining its fleet in 2013. Two of the aircraft - to be delivered in January and April - will be leased from GECAS and SMBC Aviation Capital respectively. Cebu will also take five aircraft in March, May, July, September and October from its direct orderbook.

The Philippine carrier will also lease two new A330-300s from CIT Aerospace in June and September 2013.