Tiger Airways mandates Ctandard Chartered Bank for new aircraft financing deal
28-Oct-2010 Tiger Airways Holdings Limited and Standard Chartered Bank have inked yet another multi-million dollar financing deal for the pre-delivery payments (PDP) of fourteen new Airbus A320 aircraft.
In addition, Tiger Airways has agreed with Airbus to advance the deliveries of two aircrafts originally scheduled for 2015-16 into next year.
Standard Chartered Bank has been mandated to arrange and sole finance a Singapore Dollar-denominated structured PDP financing arrangement for Tiger Airways, relating to a total of fourteen Airbus 320s scheduled for delivery by March 2013.
This additional PDP financing comes shortly after the conclusion of Tiger Airways' export credit agency (ECA)-backed financing with Coface of France and Standard Chartered Bank for nine A320s and previous PDP financing arrangements covering eleven aircraft deliveries that were concluded earlier in 2010.
Tiger Airways currently has a 21-strong aircraft fleet. Additional aircraft deliveries will expand the fleet to 26 aircraft by March 2011. It expects to have a fleet of 68 aircraft before December 2015.
Tony Davis, President and Chief Executive Officer, Tiger Airways Holdings Limited, said, "We are delighted to be further expanding our relationship with Standard Chartered Bank as we continue to grow our fleet of new aircraft. This additional multi-million dollar facility is a further vote of confidence by the bank in our business model and growth prospects as we continue to expand our network of services across the Asia-Pacific region. The fact that we structured this deal in Singapore Dollars, reducing our exposure to currency fluctuations is another example of the flexibility and creativity the bank has shown in meeting our financing requirements."
Simon Perkins, Managing Director and Global Head of Aviation Finance, Standard Chartered Bank said, "Standard Chartered is pleased to further strengthen its relationship with Tiger Airways by providing its third PDP financing facility of 2010.
Tiger Airways has had a landmark year in 2010, and we are honoured to partner them in this great achievement."
"We are very pleased to be mandated for the arrangement of structured Pre-Delivery Payment financing for Tiger Airways, relating to fourteen Airbus 320s scheduled for delivery by March 2013. We are excited to support the continued growth of Tiger Airways in Asia," said Philippe Touati, Managing Director, Head of Origination and Client Coverage, Singapore.