GECAS, the commercial aircraft
leasing arm of GE, together with Novus
Aviation Capital, a Dubai-based aircraft leasing and financing company, today
announced a debt financing agreement with Philippine Airlines (PAL). PK
AirFinance, a GECAS company, will provide senior debt for the acquisition of
four (4) 2018 Airbus A321-200neos, while Novus’ Tamweel Aviation Finance, a
junior debt fund dedicated to the financing of Airbus aircraft, will extend a
mezzanine loan for each aircraft.
The loan will finance PAL’s
acquisition of the aircraft and spare engine, part of the airline’s strategy to
grow its medium-range routes while modernizing its fleet. The first aircraft
was delivered in May with the remaining three scheduled to deliver before the
end of 2018.
“PK AirFinance has enjoyed
long-standing relationships with both Philippine Airlines and Novus,” said Shinji Sato, Executive Manager – PK AirFinance Japan. “The opportunity to work with Novus to
support PAL’s growth strategy is a natural extension to our relationship.”
“A strong fleet and strong
partnerships are necessary building blocks for a 4-Star Global Airline,” said
Jaime J. Bautista, President of Philippine Airlines. “We are glad to partner
with PK AirFinance and Novus Aviation Capital in our acquisition of Airbus
A321-200neos, and we welcome their support as we forge ahead with our network
expansion program.”
“We are
delighted to complete this transaction with both PAL and PK AirFinance. The
combination of asset type and stakeholders involved in this transaction makes
it appealing for both Novus and Tamweel Aviation Finance, one of the industry’s
leading mezzanine loan provider. This deal is a true testament to the ability
of the Novus platform to provide both operating and finance lease solutions to
its airline customers,” said Hani Kuzbari, Managing Director at Novus Aviation
Capital. “This debt structure is an attractive value proposition and we look
forward to replicating this with both PK AirFinance and PAL on future
transactions.”
About Novus Aviation Capital
With 24
years of aircraft leasing, financing and trading experience, Dubai-based Novus
is one of the world’s fastest-growing aircraft leasing financing platforms in
the world. Operating globally out of five offices in Europe, Asia and the
Middle East, the company has an aircraft portfolio under the management of
around 50 aircraft worth nearly $4 billion.
