Standard Chartered has announced the closure of a financing package guaranteed by US Ex-Im Bank for Thai Airways International for US$237mn. The financing is for two Boeing 747-400 aircraft.
Thai Airways International is 93% owned by the Ministry of Finance in Thailand and is
Asia’s fourth largest airline by market capitalisation. It is expanding and modernising its fleet as it adds new routes and seeks to compete more effectively with rivals in the Asia-Pacific region.
Standard Chartered put together the financing package out of its New York and Singapore offices. The financing amount to the tune of US$238mn equivalent in Japanese yen was arranged and funded solely by Standard Chartered via a US Ex-Im guaranteed facility.
Marcel Ivison, head of structured export finance, Asia at Standard Chartered says: “Working with Thai Airways on this landmark deal has firmly positioned us as a leader in providing structured export financing solutions to our airline and aircraft leasing clients. Standard Chartered has been working closely with Thai Airways for a number of months to put together this competitive and well-structured deal and has been actively involved in a number of similar aircraft transactions worldwide over the last few years. This, however, marks the first transaction with Thai Airways.