ABL Aviation has delivered its third JOLCO for EL AL Airlines with the financing of a 787-8 combined with UK Export Finance (UKEF) supported debt provided by ING, resulting in the Isreali carrier receiving a $114 million guaranteed loan.
The UKEF loan was structured as a JOLCO arranged by ABL Aviation, with SBI Leasing Services providing the equity. The transaction was part of a mandate covering two aircraft the first of which was delivered to EL AL on November 27, 2019.
“We are delighted to close our third JOLCO for EL AL. This aircraft is another milestone for ABL Aviation, and we look forward to doing more transactions in the coming months.”, said Ali Ben Lmadani, chief executive of ABL Aviation.
EL AL recently retired its Boeing 747 fleet and is replacing them with Boeing 787 Dreamliner aircraft. The airline has received 15 Boeing 787 aircraft and plans to receive one additional aircraft.
ABL Aviation delivers third JOLCO for EL AL Airlines
