Lessor AWAS has closed a $242 million secured portfolio facility for 11 narrowbody aircraft, helping it meet its short-term financing needs.

The facility initially financed four aircraft and has been expanded to 11, with the remaining seven aircraft rolling into the collateral pool in the coming months, AWAS says.

Credit Agricole CIB arranged the facility.

“AWAS is delighted to close this portfolio facility, our second such facility with CACIB, further strengthening this key banking relationship," says Simon Glass, chief financial officer of AWAS, in a statement. "The facility provides the ideal, short term, low cost, flexible solution to address AWAS’ near-term financing needs."

AWAS has 15 Airbus A320s on order, according to Flight Fleets Analyzer.

Dubai Aerospace Enterprise agreed to purchase AWAS from Terra Firma for $7.15 billion earlier this year. The deal is expected to close this month.

Source: Cirium Dashboard