RIYADH: To finance its global expansion and investment in next-generation, fuel-efficient aircraft, Saudi-backed AviLease has closed a $1.5 billion unsecured revolving credit line. According to a press release from the firm, the traditional three-year facility was oversubscribed and attracted pledges from 20 international banks, including eight new lenders from North America, Europe, and Asia. AviLease, which is owned by the Saudi Public Investment Fund, is essential to the Kingdom’s Vision 2030 strategy, which aims to diversify its economy and create an internationally competitive aviation sector.
“We are happy to close this facility, noting the strong international demand,” stated AviLease CEO Edward O’Byrne. It increases our immediately available committed facilities to $2.25 billion, which spans 25 local and international lenders, when combined with our current revolver of $750 million. He went on to say: “With the conservative financial policy that supports our strategy, this increased liquidity positions us to continue our expansion, investing in the newest, fuel-efficient aircraft.”
With its headquarters located in Riyadh, the company oversees a fleet of 200 aircraft, most of which are newer types, that are leased to 48 airline clients throughout the globe. A memorandum of agreement for the long-term leasing of eight Airbus A320neo aircraft was inked earlier this month between AviLease and Turkish Airlines. The remaining aircraft are expected to be delivered during 2025; two have already been delivered. SDH Wings, a joint venture between AviLease and China’s sovereign wealth fund, in which the Kingdom owns a 10% share, received three A320neo aircraft from the lessor in March.
Also Read:
Hundreds of Druze Clergy From Syria are Making a Pilgrimage to Israel
Istanbul is Rocked by a 6.2-Magnitude Earthquake That Injures Over 150 People
