KfW IPEX-Bank closes commercial loan on TUI's A330

Source: Flightglobal.com
This story is sourced from Flightglobal.com

KfW IPEX-Bank has closed the financing of a new Airbus A330-300 for TUI Travel.

The German bank is the arranger of a commercial loan covering the aircraft, MSN 1359. In this transaction KfW IPEX-Bank is sole financier and security trustee.

The aircraft will be leased to Corsair, a TUI Travel subsidiary.

TUI Travel Aviation Finance approached financiers in January with a request for proposals (RFP) covering two A330-300 aircraft equipped with Rolls Royce Trent 772B engines. According to the terms of the RFP, TUI asked for sale and leaseback proposals, 10 to 12-year commercial senior secured loans and structured lease transactions such as Japanese operating lease with Call Option, KG fund lease, Spanish operating lease or other tax enhanced lease transactions.

The second aircraft, MSN 1375, is scheduled for delivery in January 2013.

Corsair will deploy its A330-300s to strengthen services from Paris across the Atlantic Ocean, to the French West Indies, Canada and West Africa and to the Indian Ocean destinations, replacing Boeing 747-300/400 models.