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Tiger Airways Mandates Pembroke Group with Financing Deal for Four A320 Aircraft

Travel News Asia Latest Travel News Podcasts Videos Monday, 28 February 2011

Tiger Airways and the Pembroke Group, an aircraft leasing, financing and management subsidiary of Standard Chartered Bank, have inked a new multi-million dollar deal for the purchase and lease of four A320 aircraft.

Pembroke has been mandated for the purchase and operating leaseback transactions by Tiger Airways following a competitive tender process.

The four Airbus 320s are to be delivered by February 2012, following which the aircraft will be leased to Tiger Airways for a 12-year term, by subsidiaries or associates of Pembroke Group. The financing facilities for the aircraft will be arranged, underwritten and funded exclusively by Standard Chartered.

Through a previously concluded arrangement, Standard Chartered is also the financier of the pre-delivery payments (PDP) for these aircraft.

The four aircraft are part of the ten aircraft that are scheduled to be delivered during the financial year 2011/2012 of Tiger Airways. European Export Credit Agency (ECA) backed financing has already been secured to enable Tiger Airways to purchase a further two of these aircraft, whilst financing options for the remaining four aircraft are currently being evaluated by the airline.

The purchase and leaseback transaction follows closely the conclusion by Standard Chartered of Tiger Airways third PDP financing arrangement covering fourteen aircraft deliveries which was concluded in December 2010.

Philippe Touati, Co-Head of Wholesale Banking, Standard Chartered Bank Singapore, said, Standard Chartered has stood firmly behind the phenomenal growth of Tiger Airways and is delighted to further strengthen our partnership with yet another milestone deal. The purchase and leaseback of four aircraft by Pembroke Group Limited financed by Standard Chartered, following our PDP and ECA-backed financing for Tiger Airways aircraft acquisition programme is testament to Standard Chartereds strength in the market. We look forward to an even closer partnership to support Tiger Airways in soaring to greater heights.

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