China Aircraft Leasing (CALC) has signed an $840 million unsecured revolving syndicated loan facility that will hep finance pre-delivery payments for new aircraft.
The five-year loan was upsized from the initial $500 million launch figure "due to overwhelming market response," states the company.
Deputy chief executive and chief finance officer Barry Mok says that this is its first revolving syndicated loan, and is the largest facility in CALC's history.
"Since this syndicate is structured in the form of a revolving loan, such flexibility allows CALC to double the number of aircraft that would have been financed, effectively supporting the group’s ongoing large orderbook delivery," says Mok.
Nine banks acted as lead arrangers, with six of the nine also acting as bookrunners: Bank of Communications, China Everbright Bank, Chiyu Bank, Chong Hing Bank, ICBC, and Nanyang Commercial Bank. Other banks involved included Agricultural Bank of China, Ping An Bank, and Shanghai Pudong Development Bank.
ICBC Thailand and Tai Fung Bank were the lead arrangers, while the loan arrangers included Mega Bank, China Minsheng Bank, Bank of East Asia, Bank of East Asia, Bank SinoPac, and Far Eastern Bank.
Source: Cirium Dashboard