Narrative
Full Description
Project narrative
On June 26, 2014, financial close was reached on a deal in which a syndicate of four lenders — including the Industrial and Commercial Bank of China (ICBC) — entered into a $135 million USD-equivalent euro-denominated syndicated loan agreement with DP Aircraft I Limited — a Guernsey-incorporated aircraft leasing company and managed by German limited partnership DS Aviation GmbH & Co. KG of German investment firm Dr Peters GmbH & Co KG (Dr. Peters Group) — for the financing of one Airbus A380-800 aircraft to be delivered to French flag carrier airline Air France S.A. This loan was divided into two tranches: $105 million USD A-tranche, provided by ICBC, DBS Bank, and Norddeutsche Landesbank Girozentrale (NORD/LB); and $30 million USD B-tranche, provided by Crédit Industriel et Commercial (CIC) and NORD/LB. NORD/LB served as facility agent. The request for proposals went out on April 24, 2014. The financing used a KG financing structure and was arranged by Dr. Peters. The aircraft, with serial number MSN 117 and equipped with GP 7270 engines, was delivered to Air France on June 26, 2014 on a 10-year operating lease with a three-year and then two two-year extension options.
Staff comments
1. The individual contributions of the three lenders to this $105 million USD syndicated loan is unknown. For the time being, AidData has estimated the contribution of ICBC by assuming that each lender contributed an equal amount ($35,000,000 USD) to the loan syndicate. 2. Air France S.A. is the flag carrier airline of France and France-incorporated wholly-subsidiary of Franco-Dutch Air France-KLM S.A.