BOC Aviation has signed a self-arranged club loan transaction totalling $2bn with 19 banks globally.
The transaction comprises five-year unsecured term loan facilities of $1bn, five-year unsecured committed revolving credit facilities of $500 million and seven-year unsecured term loan facilities of $500 million, the first of this tenor signed by the company.
“This transaction demonstrates the continued support that we receive from our panel of banking partners, enabling us to extend the term of our unsecured debt transactions at highly competitive pricing,” said BOC Aviation head of treasury Chan Mui Sin. “This additional funding further expands the liquidity available to the company to pursue its growth plans.”
Proceeds will be used for general working capital purposes, capital expenditure and refinancing of existing debt.
DBS Bank acted as the global coordinator and documentation agent with HSBC's Singapore branch acting as facility agent for the transaction.
The transaction also saw BOC Aviation adding two new banks to our strong lending group of financial institutions.