Tiger Airways in New Aircraft Financing Deal with Standard Chartered Bank

Travel News Asia Latest Travel News Podcasts Videos Friday, 29 October 2010

Tiger Airways and Standard Chartered Bank have inked yet another multi-million dollar financing deal for the pre-delivery payments (PDP) of fourteen new Airbus A320 aircraft.

In addition, Tiger has agreed with Airbus to advance the deliveries of two aircrafts originally scheduled for 2015-16 into next year.

Standard Chartered Bank has been mandated to arrange and sole finance a Singapore Dollar-denominated structured PDP financing arrangement for Tiger Airways, relating to a total of fourteen Airbus 320s scheduled for delivery by March 2013.

This additional PDP financing comes shortly after the conclusion of Tiger Airways export credit agency (ECA)-backed financing with Coface of France and Standard Chartered Bank for nine A320s and previous PDP financing arrangements covering eleven aircraft deliveries that were concluded earlier in 2010.

Tiger Airways currently has a 21-strong aircraft fleet. Additional aircraft deliveries will expand the fleet to 26 aircraft by March 2011. It expects to have a fleet of 68 aircraft before December 2015.

Tony Davis, President and Chief Executive Officer, Tiger Airways Holdings Limited, said, This additional multi-million dollar facility is a further vote of confidence by the bank in our business model and growth prospects as we continue to expand our network of services across the Asia Pacific region. The fact that we structured this deal in Singapore Dollars, reducing our exposure to currency fluctuations is another example of the flexibility and creativity the bank has shown in meeting our financing requirements.

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