Abu Dhabi - Abu Dhabi-based lender Union National Bank (UNB) has successfully completed a 12-year aircraft financing term loan facility for the acquisition of an Airbus A380 aircraft by Baz Aircraft Leasing One L.T.D. UNB acted as Mandated Lead Arranger (MLA) for the transaction. The aircraft is leased to the UAE’s national carrier, Abu Dhabi-based Etihad Airways (Etihad).
The term loan facility forms part of a financing package extended to Etihad in connection with the sale and leaseback of two Airbus A380 arranged by Natixis S.A. The financing package also included a 7-year standby letter of credit facility granted by UNB in relation to the two aircraft.
Baz Aircraft Leasing One L.T.D. is the first Special Purpose Company (SPC) to be incorporated in the Abu Dhabi Global Markets (ADGM) for aircraft financing.
Commenting on the successful closing of the transaction, Mr. Hany Youssef Executive Vice President, Corporate & Commercial Business at UNB: “The new club deal for Baz Aircraft Leasing One L.T.D. reinforces the existing relationship between UNB and Etihad and marks some major milestones - the first Airbus A380 aircraft financing transaction between UNB and Etihad and first aircraft financing SPC incorporated at the ADGM. As Etihad expands its global franchise in support of the UAE’s drive to become a global aviation hub, UNB looks forward to collaborating with Etihad to help propel this expansion.”
Ricky Thirion, Group Treasurer at Etihad Aviation Group, said: “We are delighted with the participation of UNB for this landmark transaction with Natixis that also included Abu Dhabi Global Market (ADGM). The participation of UNB in this transaction validates the continued support we are receiving from UNB and it further enhances our growing relationship.”
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About UNB
Established as a Public Joint Stock Company in 1982, UNB is one of the leading domestic banks in the United Arab Emirates, headquartered in Abu Dhabi. UNB offers a variety of products and services, addressing needs ranging from basic requirements of individuals to the more complex requirements of corporate entities.
About Etihad Aviation Group
Etihad Aviation Group (EAG) is a diversified global aviation and travel group comprising four business divisions – Etihad Airways, the national airline of the United Arab Emirates, Etihad Airways Engineering, Hala Group and Airline Equity Partners. The group has minority investments in seven airlines: airberlin, Air Serbia, Air Seychelles, Alitalia, Jet Airways, Virgin Australia, and Swiss-based Darwin Airline, trading as Etihad Regional.
From its Abu Dhabi base, Etihad Airways flies to, or has announced plans to serve, more than 110 passenger and cargo destinations in the Middle East, Africa, Europe, Asia, Australia and the Americas. The airline has a fleet of over 120 Airbus and Boeing aircraft, with 204 aircraft on firm order, including 71 Boeing 787s, 25 Boeing 777Xs, 62 Airbus A350s and 10 Airbus A380s. For more information, please visit: www.etihad.com
For more information
Mona Zayati
AVP & Manager Corporate Communications – UNB
Tel: +971504108400
Email: mona.zayati@unb.ae
© Press Release 2017
