SAS refinances A330s with $125m secured loan

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SAS Group has refinanced three Airbus A330-300 aircraft with a $125 million secured loan facility provided by an Asia-based insurance company, the Scandinavian carrier confirms in a statement.

The six-year loan covers three aircraft - MSNs 496, 515 and 568 - built between 2002 and 2003.

The tranches covering two aircraft were drawn down as the initial ECA-backed loans matured, but the third and final tranche occurs in February 2013. The net cash effect from the transactions is estimated at $45 million.

According to Flightglobal's Ascend Online database, SAS has four A330-300s powered by Trent 772B-60 engines in its fleet. The fourth aircraft is under an operating lease contract, says SAS.

The transaction was arranged by SkyWorks Leasing.