Saturday, 5 December 2020

BOC Aviation well placed for future developments with increase in credit facility position.

BOC Aviation Limited has confirmed it has increased the amount of the committed, unsecured revolving credit facility from its largest shareholder, Bank of China and extended the maturity to 2026.

BOC Aviation is a global aircraft operating leasing giant with a fleet of 555 aircraft owned, managed and on order. Its owned and managed fleet was leased to 87 airlines worldwide in 39 countries and regions as at 30 September 2020. The headquarters are based in Singapore with offices in Dublin, London, New York and Tianjin.

The new terms of the facility now provide the Company with US$3.5 billion to support its future growth, an increase of US$1.5 billion. The final maturity of the RCF has also been extended from 28 April 2022 to 31 December 2026. 

Robert Martin, Managing Director and Chief Executive Officer, said “The upsizing and extension of the RCF is a demonstration of the strength of the relationship between BOC Aviation and our major shareholder, Bank of China.” 

Steven Townend, Deputy Managing Director & Chief Financial Officer, added “Support from Bank of China has been a key strength of the Company. This facility was first provided to the Company in 2007 in the amount of US$1 billion and subsequently increased as the Company grew. This increase in the facility will allow us to continue to pursue our strategic investment goals at all points in the cycle and build our available liquidity in line with the growth of our balance sheet.”

The company recently delivered the first two of five new Airbus A321NEO aircraft for lease to Middle East Airlines. The aircraft will be powered by Pratt & Whitney’s PurePower® PW1100G-JM engines. 

Robert Martin said: “We are very pleased to deliver our first pair of Airbus A321NEO aircraft on lease to Middle East Airlines, with whom we share a long-term relationship that spans more than 20 years. This delivery is testament to the strong cooperation we share with industry-leading airlines such as Middle East Airlines, especially in this challenging environment. We look forward to working with our customers to provide more fuel-efficient and technologically advanced aircraft solutions in the future.”

Mohamad EL HOUT, Chairman – Director General, Middle East Airlines, said: “We are pleased to work with BOC Aviation, our long-term partner who has confidence in MEA’s capability and potentials. The new arrival in our fleet will further enhance our commitment to offer our passengers the best product and continued modernization of the fleet despite the local and international challenges.”

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