Norwegian to fund 787s in the capital markets

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NordLB and Dr Peters are preparing a capital markets financing for up to three Boeing 787-8 aircraft on lease to Norwegian from International Lease Finance, market sources indicate.

The financing structure, which is being arranged by Dr Peters, will have a UK stock listing and is similar to the vehicle used by Doric Asset Management to finance Emirates Airline's Airbus A380s, say sources.

NordLB is the agent on the financing, which is expected to close by the end of the summer, according to sources.

The Oslo-based carrier has orders for eight 787s with five leased from ILFC and three owned, according to Flightglobal's Ascend Online database.

The first ILFC-leased aircraft delivered on 28 June and another unit will deliver on 15 July.

Norwegian will accept delivery of a further unit in February 2014, followed by two more 787s in August and October.

Dr Peters, a German Kommanditgesellschaft (KG) house with expertise in real estate, shipping and aviation finance, has worked with NordLB during the past several years on various financings for Virgin America, Emirates and Air France.

ILFC, Norwegian, Dr Peters and NordLB were unavailable for comment at the time of press.