Tiger Airways and Standard Chartered Bank Sign New Financing Deals

Travel News Asia Latest Travel News Podcasts Videos Friday, 19 March 2010

Tiger Airways Holdings Limited and Standard Chartered Bank have inked two new multi-million dollar financing deals for the pre-delivery payments (PDP) of six aircraft to Airbus and the purchase of an additional seven aircraft. Standard Chartered Bank is arranging a structured PDP financing arrangement for Tiger Airways, relating to the delivery of six Airbus 320s scheduled by December 2011.

The bank is also mandated as the Lead Arranger for an Export Credit Agency-backed (ECA) financing for Tiger Airways to own seven more Airbus 320s, that are expected to be delivered by January 2011. This will bring the number of aircraft owned by Tiger Airways to nine, including two that were delivered in January and February 2010.

These two financing arrangements come shortly after the conclusion of Tiger Airways first ECA-backed financing with Coface of France for two A320s and an earlier PDP financing arrangement covering five aircraft deliveries. Both deals, also by Standard Chartered Bank, were concluded in January 2010.

Tiger Airways currently has a 19-strong aircraft fleet and will have a fleet of 68 aircraft by December 2015.

Tony Davis, President and Chief Executive Officer, Tiger Airways Holdings Limited, said, We are grateful for the strong support that we have received from Standard Chartered Bank and their confidence in Tiger Airways. As we continue to grow in Asia and Australasia, we look forward to acquiring more of our own aircraft through ownership financing arrangements. The savings in operational costs, compared to leasing aircraft, will enable us to keep offering the lowest possible fares to our customers.

Simon Perkins, Managing Director, Aviation Finance, Standard Chartered Bank, added, These two transactions, hot on the heels of the earlier deals in January, demonstrate Standard Chartered Banks strength of liquidity and capital; and our ability to support our clients and their needs with a strong multi-product platform. We are absolutely proud to be part of Tiger Airways achievements to date and relish the opportunity to partner with them in the successful build out of their strategy in the future.

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