AviLease, a jet lessor owned by Saudi Arabia's Public Investment Fund (PIF), said on Wednesday it has secured a $1.1 billion unsecured five-year loan for general corporate use, including buying more planes.

Bloomberg News reported on Monday that AviLease was in advanced talks to buy Standard Chartered's aviation finance business, a deal that could be valued at about $3.75 billion.

The two-part loan has an $850 million tranche and a $250 million shariah-compliant tranche. It was 3.3 times oversubscribed, AviLease said.

Citibank, Riyad Bank, First Abu Dhabi Bank, Gulf International Bank and Saudi Awwal Bank were mandated lead arrangers.

They were joined by Banque Saudi Fransi, Saudi Investment Bank, Abu Dhabi Commercial Bank and HSBC on the conventional tranche and Dubai Islamic Bank, Alrajhi Bank, Bank AlJazira and Saudi National Bank on the shariah-compliant tranche.

Citi was financial adviser to AviLease and Allen & Overy its counsel. The lenders were advised by Clifford Chance.

AviLease, launched last summer, says it has bought or committed to buying 45 planes by the end of this year, with a $2.4 billion book value. It aims to have 300 aircraft by 2030.

The company fits into a broad national agenda known as Vision 2030 that aims to reduce Saudi Arabia's reliance on oil by building new industries.

AviLease was set up a year after Crown Prince Mohammed bin Salman announced plans for a new airline, later named Riyadh Air, that will go head-to-head with regional rivals Emirates, Qatar Airways and Turkish Airlines.

(Reporting by Yousef Saba; editing by Jason Neely)