Intrepid Aviation has closed a $100m revolving pre-delivery payment (PDP) financing facility with Citi to cover payments for eight new A330s to be delivered in 2014 and 2015. This deal an extension of an existing agreement between Citi and the lessor covering the PDP for two A330s. “Citi has been a key adviser and supporter of Intrepid’s growth strategy early on for both debt and equity funding. The facility will finance important cash flows of the business until the back end of our Airbus A330 forward order in 2015,” says Olaf Sachau, Intrepid’s CFO

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