El Al has secured Japanese operating lease with call option (JOLCO) funding, backed by the Aircraft Finance Insurance Consortium (AFIC), for one Boeing 787-9 that was delivered 18 June.

No details about the quantum and tenor of the funding were provided, but arranger ABL Aviation says that the aircraft was fully-financed by the transaction.

Cirium's Fleets Analyzer shows that the aircraft is likely MSN 63395, which is one of 10 87-9s operated by El Al.

The debt portion of the funding is provided by an unidentified Japanese bank, which is insured by Sompo Japan Nipponkoa Insurance. Japanese investors supplied the equity, and were underwritten by ABL's unnamed Japanese partner.

It is the first JOLCO ABL has closed. Chief executive Ali Ben Lmadani adds "it is the first time ever the AFIC product is combined with Japanese equity. It is also a 100% Japanese financing since the equity, the debt and the insurer are Japanese."

"El Al Israel Airlines is happy to finance an aircraft, for the first time by a Japanese bank supported by AFIC insurance product. Such financing emphasises the strengthening of the connection between the two countries," says El Al treasurer Yancale Shahar.

Nishimura & Asahi acted as legal counsel to the lessor, Norton Rose Paris represented the lender and Milbank was legal counsel to AFIC.

Source: Cirium Dashboard