PAL closes A330 sales and leasebacks with AWAS

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Philippine Airlines has broadened its Airbus A330-300 exposure with a pair of new aircraft committed to the operating lease market.

The Manila-based carrier mandated the sale-and-leaseback financing to operating lessor AWAS. The first of two units has closed, the lessor confirms.

The jets are part of a 20-unit order placed with Airbus in 2012.

Last year PAL mainly tapped the commercial debt market for the financing of new deliveries. US banks Citi and JP Morgan arranged a commercial debt facility covering one aircraft, while another was funded with local bank Banco de Oro Unibank (BDO Unibank).

Another A330 delivery was financed by DVB Bank and BNP Paribas through a 10-year commercial loan.