MAS closes sale-leaseback deal for six 737-800s

Dino D'Amore
By Dino D'Amore November 12, 2013 18:16

MAS closes sale-leaseback deal for six 737-800s

Malaysia Airlines (MAS) and Standard Chartered Bank have successfully closed multi-million dollar sale and leaseback transactions for six new Boeing 737-800 aircraft.

The new aircraft were delivered between January and August this year. The purchase and long term leases of 12 years were solely arranged, underwritten and funded by Standard Chartered.

Saif Malik, Country Head of Origination and Client Coverage Standard Chartered Bank Malaysia said: “Standard Chartered and MAS have been working together on the latter’s fleet renewal programme since 2011. Since that time, we have seen three transactions undertaken, culminating in today’s milestone. This has cemented the strong relationship between both companies.”

“We are very pleased to be playing such an important role in MAS’ fleet renewal programme. In fact, this bond between the bank and the national airline demonstrates our commitment to being Here for Good for our clients. As such, we intend to continue strengthening this bond with MAS as the national carrier pursues its business strategy and renews its fleet,” Saif added.

Malaysia Airlines’ Group Chief Executive Officer Ahmad Jauhari Yahya said, “We are proud to have Standard Chartered Bank supporting Malaysia Airlines’ growth over the years in terms of financing and other ancillary global products.”

“The purchase of these new B737-800 aircraft is part of Malaysia Airlines’ fleet renewal programme and is essential to maintain relevance in a highly competitive market, especially in Asia Pacific which is seen as the world’s fastest growing region. Apart from being more technologically efficient and lowering the overall fuel bill, the new aircraft will enable Malaysia Airlines to offer an improved level of guest experience and better products and services,” added Ahmad Jauhari.

The aircraft are being leased to MAS by Standard Chartered’s aircraft leasing subsidiaries in Labuan.

“We are honoured to partner MAS once again as they leverage growth opportunities in the region. With eleven aircraft presently on lease to our client, Standard Chartered is proud to be one of the largest operating lessors doing business with the national flag carrier of Malaysia. Standard Chartered continues to lead the market in its ability to strongly support clients in transaction structuring and execution, coupled with our cross-border multi-product platform, allowing us to offer innovative and tailored solutions to our clients across the globe. We look forward to continuing our support for MAS in the successful build out of its’ business strategy,” said Simon Perkins, Chief Commercial Officer, Aviation Finance and Leasing, Standard Chartered.

This latest move followed similar transactions last year which saw the successful closings of three Boeing 737-800s, as well as for two Airbus 330-300 aircraft in 2011.

The new aircraft form part of the MAS fleet renewal programme which involves the national carrier taking deliveries of new Airbus and Boeing aircraft variants between 2010 and 2017.

Dino D'Amore
By Dino D'Amore November 12, 2013 18:16
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