MUFG closes JOLCO with Cebu Pacific

MUFG Bank has closed a 12-year, Japanese Yen equivalent US$123 million Japanese Operating Lease with Call Option (JOLCO) financing with Cebu Pacific (Cebu). MUFG acted as the mandated lead arranger, sourcing and arranging both debt and equity portions in this JOLCO transaction. MUFG also served as the account bank, facility agent, security agent as well as the main lender in the financing. The transaction is secured by two new Airbus A321neo aircraft. This transaction marks the first time that Cebu has returned to the financing market via a JOLCO structure since the COVID-19 pandemic. June Raj, MUFG’s Managing Director &