National Aviation signs for pre delivery financing of 777s

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Mumbai, Aug 12 (UNI) National Aviation Company of India Limited has signed a Pre Delivery Finance Loan Facility for a sum of USD 214.118 million for three 777-200LRs and five 777-300ERs to be delivered in 2009 and 2010.

The leading arrangers of the facility are Bank of Scotland and Deutsche Bank. The co-arrangers of the facility are ING Bank and Natixis Transport Finance.

The facility was negotiated at very competitive pricing and was signed in London on July 30, 2008. The facility will be repaid from the delivery financing to be concluded for the aircraft. NACIL has over the last two years raised more than USD 3 billion in long term loans/bridge finance from international banks and financial institutions to finance the acquisition of its aircraft.

NACIL has so far taken delivery of 38 new aircraft from the 111 ordered so far. This comprise a mix of Airbus and Boeing 737 and 777 aircraft. The state-of-the-art technology aircraft are being used both on the domestic and international sectors giving passengers the opportunity of experiencing the latest in-flight audio video entertainment facility and more convenient seats.

UNI JM SR AG1602

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