AviLease, the global aircraft lessor wholly owned by Saudi Arabia’s sovereign wealth fund, PIF, announced the successful closure of a $700 million unsecured revolving credit facility.
The dual-currency facility, available in both US dollars and Saudi Riyal, has been secured through collaboration with four Saudi banks: Alrajhi Bank, Banque Saudi Fransi (BSF), Riyad Bank, and Saudi Awwal Bank (SAB).
Edward O’Byrne, CEO of AviLease, expressed his satisfaction with the development, “We are pleased to announce the signing of a USD 700 million dual-currency revolving credit facility, which was more than 1.3 times oversubscribed.”
Furthermore, O’Byrne highlighted that the credit facility will serve as a flexible short-term financing solution, enabling the company to strengthen its aircraft acquisition efforts and address its working capital needs.
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Furthermore, AviLease is poised to adjust its growth trajectory for this year, opting for a more cautious approach following its significant $3.6 billion deal with Standard Chartered in the past year.
In November 2023, AviLease completed the acquisition of Standard Chartered’s global aviation finance leasing unit, bringing its total fleet to 167 aircraft.
At the Airline Economics conference held in Dublin earlier this year, O’Byrne affirmed the company’s intention to prioritise operational consolidation over rapid expansion, stating, “We’re not trying to grow for the sake of growing. This year we expect to, I won’t say take a pause, but slow the growth, the glide path, so that we can consolidate the operation.”
