PAL further diversifies funding with local bank mandate

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Philippine Airlines (PAL) has further diversified its funding sources with a commercial loan facility provided by local bank Banco de Oro Unibank (BDO Unibank), according to sources.

The carrier mandated the bank last month for the financing of two new Airbus A321s (MSN 5820 and 5825). Both IAE V2533-A5-powered aircraft delivered last week.

BDO Unibank is the arranger of a commercial debt loan covering the two deliveries.

The Manila-based bank is also the debt provider in a new A330-300 (MSN 1463) financing that was delivered on 4 November.

The aircraft is the fourth unit of a 20-aircraft order placed by the carrier with deliveries scheduled through 2015.

Last month PAL tapped the commercial debt market for the financing of a new Airbus A330-300 (MSN 1460) aircraft.

The carrier mandated the financing to co-arrangers DVB Bank and BNP Paribas, which provided a 10-year loan. DVB Bank is the lead mandated arranger in the transaction.

PAL has two additional A330-300s scheduled for the fourth quarter this year as well as six deliveries in 2014, Flightglobal’s Ascend Online shows. The balance is due in 2015.