Tiger Airways and Standard Chartered Bank have
obtained approval from the French Export Credit Agency (ECA),
Coface, to support the purchase of nine Airbus 320 aircraft.
The nine aircraft are scheduled to be delivered
over the next 6 months and will bring the total number of aircraft
owned by Tiger Airways to eleven.
Tiger Airways obtained its first
ECA-backed financing with Coface for two Airbus 320 aircraft which
were delivered in January and February 2010 for which Standard
Chartered Bank was also the Mandated Lead Arranger.
From now till March 2011, which is the end of
its current financial year, Tiger Airways will also return two
older aircraft that are currently leased. This means that it will
be operating a fleet of 26 aircraft, of which 11 (42%) will be
owned with the remainder on operating leases.
Tony Davis, President and Group CEO of Tiger
Airways Holdings, said, “We are grateful to Coface for continuing
to provide strong support to Tiger Airways. We also thank Standard
Chartered for helping Tiger Airways secure even more cost
effective aircraft financing deals, which will enable us to reduce
our costs and fares even further. As we continue to expand our
fleet we also look forward to realising economies of scale in
other aspects of our business.”
Standard Chartered Bank is mandated as the Lead
Arranger for the ECA financing relating to these aircraft. The
transaction is currently in the documentation phase and is
expected to close upon delivery of each aircraft.
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