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Abu Dhabi’s Etihad to get $169M lease finance
Abu Dhabi's Etihad Airways will receive up to $169 million in financing from state investment fund Mubadala and National Bank of Abu Dhabi to help the airline to lease spare engine parts.
February 1, 2012 1:28 by Reuters
The facility will be arranged by Sanad Aero Solutions, a unit of Mubadala and Abu Dhabi National Leasing (ADNL), the lease finance arm of NBAD, the two companies said in a statement on Wednesday.
ADNL has provided Sanad with a fully underwritten long-term lease facility for purchase and leaseback of five GE90 and six Rolls Royce Trent 500 engines, a company statement said.
Each engine is contracted for a 10-year operating lease term.
ADNL provides a variety of lease and lease-finance facilities to large UAE, Gulf and international corporate entities operating in the Gulf state. (Reporting By Stanley Carvalho, Editing by Dinesh Nair)