Industry

Published on August 5th, 2021 | by Alan Dwyer

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CDB Aviation Executes $660m Financing Deal

CDB Aviation, the Dublin based subsidiary of China Development Bank Financial Leasing Co. has announced that it has entered into a facility agreement for the secured portfolio of thirteen Airbus and Boeing aircraft, valued at approximately US$660 million. The transaction brings the lessor’s executed financings year-to-date to a total of US$2.53 billion. This deal was secured with a combination of Airbus A320-200 and A350-900 as well as Boeing 737 MAX 8 and 787-9 Dreamliner aircraft. The deal was financed with seven international banks involved.

Commenting on the deal, CDB Aviation Chief Financial Officer Brendan O’Neill said, “Diversifying financing sources at a competitive cost of capital is one of our key objectives. We are very pleased to welcome our existing lenders and counterparties to this new facility, all of whom are major international aviation lenders, and look forward to continuing to build long-term relationships with them. We also appreciate the strong support from our shareholders in concluding this transaction.”

Also commenting was CDB’s Chief Executive Officer, Patrick Hannigan who pointed out that “our continued significant momentum, notwithstanding the toughest market the aircraft leasing industry has ever experienced, speaks to the strength of our integrated platform and our team’s foremost ability to execute. The lenders’ recognition of our platform’s core strengths is the direct result of collaborative efforts of our entire team, with their unfaltering commitment to our long-term vision and continued hard work in all aspects of our operations – all with the goal of supporting airline customers in navigating this pandemic affected market environment. experienced, speaks to the strength of our integrated platform and our team’s foremost ability to execute.”

This deal was announced following another milestone that CDB Aviation completed with United Airlines. United has just taken delivery of the first of thirteen Boeing 737 MAX 8 aircraft, under the sale and leaseback transactions CDB Aviation announced earlier in the year and in 2020. The first aircraft, N37257 (c/n 43442) was delivered to United Airlines from the Boeing facilities in Seattle having made its first flight on 27th July.

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