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Overview

ICBC Financial Leasing leases two Boeing 737-800 aircraft to Norwegian Air Shuttle AOC AS

Commitment Year•2021Country of Activity•NorwayDirect Recipient Country of Incorporation•NorwaySector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Completion

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date
Oct 30, 2021
End (actual)
Nov 3, 2021

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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This lease supported the acquisition of two aircrafts by Norwegian Air Shuttle AOC AS, which is headquartered at Oksenoyveien 3, Postboks 115, Lysaker, 1336. More detailed locational information can be found at: https://www.openstreetmap.org/way/150976400.

Stakeholders

Organizations involved in projects and activities supported by financial and in-kind transfers from Chinese government and state-owned entities

Ultimate beneficial owners

At least 25% host country ownership

Funding agencies

State-owned companies

  • ICBC Financial Leasing Co., Ltd. (ICBCFL) (ICBC Leasing)

Receiving agencies

Private Sector

  • Norwegian Air Shuttle AOS AS

Loan description

ICBC Financial Leasing leases two Boeing 737-800 aircraft to Norwegian Air Shuttle AOC AS

Interest type•Unknown

Narrative

Full Description

Project narrative

On October 30, 2021, ICBC Financial Leasing Co., Ltd. (ICBCFL) — a Chinese state-owned leasing company and wholly-owned subsidiary of the Industrial and Commercial Bank of China (ICBC) — received a finance mandate for an operating lease with Norwegian Air Shuttle AOC AS — a Norway-incorporated airline and operating subsidiary of Norwegian Air Shuttle ASA — for two Boeing 737-800 aircraft. The aircraft were narrowbody Boeing 737-800 aircraft. Financial close was achieved on November 3, 2021.

Staff comments

1. A lease is a contractual arrangement calling for the lessee (user) to pay the lessor (owner) for use of an asset. The lessor is the legal owner of the asset, while the lessee obtains the right to use the asset in return for regular rental payments. Under a capital lease (a financial arrangement where the lessee/borrower uses an asset and pays regular installments plus interest to the lender/lessor), rental payments are usually classified as interest and obligation payments, similarly to a mortgage (with the interest calculated each rental period on the outstanding obligation balance). AidData codes capital leases as loans. 2. Norwegian Air Shuttle ASA is a Norwegian low-cost airline listed on the Oslo Stock Exchange. In 2020, after financial problems, BOC Aviation Limited became a major shareholder at 12.7%. 3. In aviation finance, financial close typically occurs on or around the delivery date of the final aircraft. As financial close occurred on November 3, 2021, the last aircraft was almost certainly delivered on or around that date. Thus AidData has coded the actual_implementation_completion_date fields as November 3, 2021 and marked the actual_implementation_completion_date fields as True.