CDB Aviation executes US$650 million portfolio secured financing

CDB Aviation Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd., announced that the company has entered into a facility agreement for a US$650 million secured portfolio financing. The seven-year facility is secured with a portfolio of 15 narrowbody and widebody aircraft, comprising the Airbus A320/A321neo, A330-900, as well as Boeing 737-8 and 787-9 Dreamliner aircraft.

“We continue to successfully address CDB Aviation’s capital needs through diversifying our financing sources and by broadening and deepening our relationships with banking and capital markets providers,” said CDB Aviation Chief Financial Officer Brendan O’Neill. “Our ability to engage global financial institutions is a direct reflection on the strong competencies and efforts of our Finance team and the support of our shareholder, CDB Leasing.”

The facility is financed by a group of MLA banks, consisting of Crédit Agricole Corporate and Investment Bank, Bank of Communication Co., Ltd., The Hongkong and Shanghai Banking Corporation Limited, and ING Bank. Natixis acted as Debt Coordinators. Crédit Agricole Corporate and Investment Bank acted as Facility Agent and Security Trustee. Allen & Overy is the Mandated Lead Arrangers’ legal counsel, while Clifford Chance represented CDB Aviation.

CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., a 37-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.

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