22 January 2006
Etihad Airways signs financed deal for 5 Boeing 777-300ERs
Etihad Airways, the national airline of the UAE, has concluded financing arrangements worth US$450 with leading UAE banks and HSBC Bank Middle East Limited for five new Boeing 777-300ER aircraft.
The Etihad agreement, which covers an operating lease for a 12-year term was made with National Bank of Abu Dhabi, Abu Dhabi Commercial Bank, First Gulf Bank and HSBC Bank Middle East as the mandated lead arrangers, and with Abu Dhabi Investment Company as lead arranger.
"This ground-breaking deal demonstrates Etihad's continued growth in fleet size and our deepening relationship with the domestic and international banking sector. Strengthening our ties with these banks will help us finance a number of Etihad's future aircraft deliveries and continue to develop our global presence," said Robert Strodel, CEO, Etihad Airways, who signed the agreement on behalf of Etihad Airways.
The agreement for the five Etihad Boeing 777-300ER was signed by Etihad Airways and the lending banks at the Emirates Palace Hotel on 17th January 2006.
"National Bank of Abu Dhabi is proud to have been invited to play a major role in this maiden transaction for Etihad, and to be associated with the first aircraft purchases by our national airline. We are grateful for the support of the other banks who have worked with us to provide the financing, and I am sure that I speak for them all when I say how much we look forward to assisting Etihad with its substantial investment programme," said Michael Ladenburg, Head of Corporate Banking at National Bank of Abu Dhabi.
The first of these new state-of-the-art aircraft is due to arrive later in January.
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