NORD/LB alongside Novus announce the financing of a brand new Airbus A330-900neo aircraft. The newest addition is the 10th A330-900neo aircraft in Condor´s widebody fleet which was delivered to the airline on September 29, 2023.
The aircraft is debt financed through a “finance-lease” structure comprising senior and junior debt. The senior debt was arranged and fronted by NORD and is supported by a Balthazar non-payment insurance policy provided by a consortium of leading private insurance companies through insurance broker Marsh. The junior loan was provided by Tamweel Aviation Finance and was arranged and structured by Novus Aviation Capital. This is the first Balthazar-backed transaction for us and Condor.
“The combination of the A330-900neo aircraft and the strong brand of Condor, together with the aviation non-payment insurance provided by the Balthazar insurers creates benefits for all parties involved” says Sebastian Kornath, Origination Team at NORD/LB. ”Our bank is proud and happy to be the senior debt provider in this landmark transaction and thank the Condor Team for their trust”.
“The successful closing of this A330-900neo financing is an important milestone in our long-haul fleet renewal program and we are grateful for the support of NORD/LB as lead arranger, Balthazar and Novus in this transaction” says Verena Ricken, Director Treasury at Condor. “We are looking forward to welcoming our customers on board of this beautiful blue striped A330-900neo aircraft.”
“Novus is delighted to renew our long-standing relationship with Condor and NORD/LB with this innovative structure and we thank all the parties in this landmark financing.”,” said Mamoun Kuzbari, Chief Commercial Officer at Novus Aviation Capital.