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Abu Dhabi /Â WAM
Sanad Aero Solutions, a wholly-owned subsidiary of Mubadala Development Company, has announced the expansion of its international lender base through a new collaboration with Sumitomo Mitsui Banking Corporation, SMBC.
According to a Sanad press statement, SMBC will provide debt facilities to Sanad that will be directed towards the long-term financing of Sanad’s most recent spare engine transaction with Etihad Airways. The deal, which is valued at US$73 million, is the first between the two entities and increases Sanad’s total debt financing to over $790 million.
Troy Lambeth, CEO of Sanad, said, “SMBC is a global leader in aviation financing and we are very pleased to have worked with them on this transaction as it opens up new sources of capital available to us, an important tool in the continued growth of our leasing business. We expect to see additional opportunities to expand the relationship as we continue to position the company in line with market growth.”
Commenting on the expansion, Shinichiro Watanabe, General Manager of SMBC’s Global Aviation and Maritime Finance Department, said, “We are delighted to begin our relationship with Sanad through this transaction, and we are confident that their strong product offering and industry know how will continue to attract this kind of funding support from the market.”