Tiger Airways Obtains Financing Approval for Two Airbus

Standard Chartered Bank and Tiger Airways have partnered in their first Export Credit Agency (ECA) backed financing arrangement, with Coface of France acting as the front ECA, for the purchase of two new Airbus A320-200s. Standard Chartered Bank is the mandated lead arranger for the deal for the two aircraft being delivered in January and February 2010.

This milestone deal is also the first facility backed by Coface to be structured in Singapore Dollars. The payment to Airbus for the aircraft will be in US dollars. The transaction is currently in the documentation phase and will be completed prior to delivery of the aircraft.

“We are very pleased with this financing arrangement to purchase these new aircraft, part of the total 66 aircraft order Tiger Airways has with Airbus. We are grateful for the strong support we have received from Coface and the other European Export Credit Agencies and would also like to thank Standard Chartered and Airbus for their assistance,” said Tony Davis, President and Chief Executive Officer, Tiger Airways Holdings Limited. “We believe that this important transaction demonstrates the recognition of Singapore as a key international export and aviation market, especially as this is the first such transaction to be structured in Singapore Dollars. The first of the new aircraft will join the Tiger Airways fleet in time to commence new services between Singapore and Hong Kong in February.”

The two new Airbus A320-200s will be the first aircraft which Tiger Airways will own rather than lease, enabling it to further reduce operating costs.

“We are absolutely delighted to be a part of this landmark deal for the acquisition of these two new aircraft by Tiger Airways. This transaction highlights Standard Chartered’s ability to support promising local businesses with value-added services and solutions. With our strength in Asia, Africa and the Middle East, we are well-positioned to support our client’ growth in the region,” added Philippe Touati, Managing Director, Head of Origination & Client Coverage (Singapore), Standard Chartered Bank.

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