Norwegian secures $500m financings for ordered 737s

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Norwegian Air Shuttle has mandated an undisclosed number of banks for pre-delivery payment (PDP) financing and long-term financing supported by the US Export-Import Bank (Ex-Im) covering its Boeing 737-800 orderbook.

The budget carrier says the facilities, which cover aircraft deliveries through 2015, also include sale and leaseback transactions covering three Boeing 737-800s that are scheduled to be delivered this year.

According to Flightglobal's Ascend Online database, Norwegian plans to take 10 new 737-800s this year, while another four aircraft will be sourced from operating lessors. Next year, a further 11 aircraft will join its fleet while in 2015 Norwegian will add six new aircraft.

Last year Norwegian closed a $48 million revolving loan PDP facility with DVB Bank covering five 737-800s.

The Norwegian carrier financed eight 737-800 deliveries in 2012 under 12-year US Export Import (Ex-Im) Bank financing guaranteed by ING Bank and Private Export Funding Corporation (PEFCO). Norwegian also took one new 737-800 under an operating lease agreement with CIT Aerospace.