Dublin based aircraft lessor, AWAS, has closed a revolving $120m pre-delivery payment (PDP) Facility. The loan is fully underwritten by Investec Bank and will be used to finance the pre-delivery payments of 20 A320 Family aircraft in AWAS’ order pipeline with Airbus that deliver over the next two years.
“AWAS is extremely pleased to be able to close this facility which will provide us with assured access to financing for our pipeline aircraft” said Simon Glass, Chief Financial Officer of AWAS. “Our Corporate Finance Team has proven once again that our preferred, global relationships and pro-active, multi-pronged approach to financing yields strong results even in challenging markets.”
Ray Sisson, President & CEO AWAS commented, "We have made building our Finance and Corporate Finance teams into world-class assets for AWAS a leading priority over the past year. The successful creation of this additional tool for our business to support our prudent growth strategy is proof positive of the strong results of this initiative."
“We would like to thank our colleagues at both Investec and Airbus, who worked collaboratively with us to structure this innovative and optimised solution to meet our PDP needs in a market where accessing PDP capital remains extremely challenging. I am particularly pleased with the revolving aspect that has been developed and effectively provides AWAS with $240m of PDP finance over a two year period” said Frederic Mireur, AWAS Head of Corporate Finance.
Michael Weiss, Head of Aviation Finance at Investec Bank, added:
“Investec is very pleased to have closed this innovative financing structure with AWAS; we believe it shows both our commitment to AWAS and the wider aviation sector. Investec’s relationship with AWAS has grown over a number of years and we look forward to continuing to support their growth in the years to come.”