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News Article

08 July 2007

Etihad Airways signs USD180 million Sale and Leaseback facility ADCB Sole Arranger

Abu Dhabi, 8th July 2007: Etihad Airways today signed the terms of a USD180 million agreement for a Sale and Leaseback facility that will be used to finance the airline’s acquisition of two Airbus A330-200 aircraft. The aircraft have been received by Etihad and are in service.

ADCB, as a Sole Arranger, will provide financing of USD180 million to the airline. The facility is structured as a lease with repayment spread over 12 years and a terminal balloon payment of 30 percent upon final maturity.

James Hogan, Etihad Airways’ chief executive, said: “This agreement is indicative of the strong relationship between Etihad Airways and ADCB. We appreciate the support of like-minded business partners who continue to underpin the development of the UAE’s national airline.”

The Etihad fleet presently comprises 26 aircraft and will grow to 31 by the end of the year, with the airline taking delivery of two Airbus A330-200 and three Airbus A340-600 aircraft.

Etihad announced last month a further order for 12 new aircraft at the Paris air show. The airline will take delivery of four A340-600s, five A330 passenger aircraft and three A330 freighters between 2008 and 2011 to bring its fleet complement to 43 aircraft.

The USD180 million facility is one of several financing deals. Etihad has concluded the tender for the provision of a USD500 million facility to finance four A340-600s and will announce the outcome after details are finalized. The financing from all the Etihad deals, when they are concluded, will amount to nearly USD1.3 billion.

Eirvin Knox, Chief Executive Officer of ADCB, said: “This deal represents another important and significant milestone in our extremely special relationship with Etihad Airways. ADCB has a long-term commitment to supporting crucial Abu Dhabi enterprises, and Etihad stands at the forefront of such exciting ventures and initiatives. We look forward to supporting Etihad in the future as one of its key relationship banks."

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