Intrepid closes AFIC-backed financing

Eleanor Steed
By Eleanor Steed September 20, 2017 11:23

Intrepid closes AFIC-backed financing

Intrepid Aviation has closed its first Aircraft Finance Insurance Consortium (AFIC) backed-financing for one 747-8 Freighter (747-8F) on long-term lease to AirBridge Cargo Airlines. The financing was arranged and underwritten by ING Capital and Apple Bank.

This is the second of two new 747-8F aircraft that Intrepid acquired from Boeing and leased to ABC this year.

The transaction represents the first non-payment insurance backed financing ever closed by an operating lessor and further diversifies Intrepid’s banking group with the addition of ING Capital.

Available exclusively through Marsh, AFIC provides an alternative aircraft finance insurance product for new aircraft deliveries and is underwritten by four global insurance companies, Allianz, AXIS Capital, Sompo International (formerly Endurance), and Fidelis.  AFIC has closed nine deals so far and is set for a rapid increase in business. Airline Economics spoke to Bruce Fine, Global Leader of AFIC for Marsh, in Issue 37 shortly after it was announced that Bob Morin was joining the team. Click here to read the article.

Eleanor Steed
By Eleanor Steed September 20, 2017 11:23