ICBC Financial Leasing has announced the closing of a financing facility for the refinancing of three aircraft with DVB Bank SE.
The aircraft portfolio – consisting of one A330-200, one 737-700 and one A319-100 – are currently on long-term finance leases to China Eastern Airlines. The Chinese lessor mandated DVB as the sole arranger for the senior loan facility. DVB is also the sole underwriter and lender in this facility. Berwin Leighton Paisner is the borrower’s counsel for this transaction while Clifford Chance acted for DVB.
Till date, ICBC Leasing and DVB have worked on several financing transactions together, with the German bank providing senior debt financing to the Chinese lessor previously for aircraft on operating lease to airlines such as Asiana and AirAsia. ICBC Leasing is one of the largest leasing companies in China with over 200 aircraft in its fleet.
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