Abu Dhabi aerospace asset leasing firm Sanad Capital, a wholly owned subsidiary of Mubadala Investment Company, has closed a $55 million debt financing deal with the Commercial Bank of Dubai (CBD).
The agreement will help Sanad fund the purchase of two new GENx and XWB jet engines, which were recently acquired through a long-term sale and leaseback agreement.
Just last year, the company announced a deal with Etihad Airways for additional spare engines and rotable components. The deal also covers a sale-and-leaseback agreement for an additional GEnx engine and a Rolls Royce Trent XWB engine.
The latest debt financing deal is the first-ever collaboration between Sanad and CBD.
Bernd van Linder, CEO of CBD said they are “delighted” to tie up with Sanad, which is looking to expand its business.
“Sanad Capital has an exemplary performance track record in the aircraft engine and component leasing space, and we look forward to strengthening our relationship and facilitating their future expansion as well,” Linder said.
(Writing by Cleofe Maceda; editing by Seban Scaria)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© ZAWYA 2021