Overview

Bank of China contributes to a $130 million USD syndicated loan to Novus Aviation Capital for the purchase of one Boeing 777-300ER aircraft

Commitments (Constant USD, 2023)$46,112,143

Commitment Year•2017Country of Activity•United Arab EmiratesDirect Recipient Country of Incorporation•United Arab EmiratesSector•Transport And StorageFlow Type•Loan

Status

Project lifecycle

Pipeline: Commitment

Pipeline: PledgePipeline: CommitmentImplementationCompletion

Timeline

Key dates

Commitment date: Sep 24, 2017

Last repayment (originally scheduled): Sep 23, 2029

Geospatial footprint

Map overview

Visualizes the AidData-provided feature geometry for this project.

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The purpose of this project was for Bank of China to contribute to a $130 million USD syndicated loan to Novus Aviation Capital for the purchase of one Boeing 777-300ER aircraft. More detailed locational information can be found at: https://www.openstreetmap.org/way/257454664

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 Commercial Banks

Bank of China (BOC)

Cofinancing agencies

Private Sector

Australia and New Zealand Banking Group (ANZ)

State-owned Banks

Korea Development Bank (KDB)

Receiving agencies

Private Sector

Novus Aviation Capital L.L.C.

Loan description

2017 syndicated $130 million USD loan from BoC and others to Novus Aviation Capital for the purchase of one Boeing 777-3000ER aircraft in the UAE

Interest type•Variable Interest RateMaturity•12 years

Collateral

This loan was secured by the Boeing 777-300ER aircraft purchased by Novus Aviation Capital.

Narrative

Full Description

Project narrative

On September 24, 2017, financial close was reached on a deal in which a syndicate of three banks — the Bank of China (BOC), Korea Development Bank (KDB), and Australia and New Zealand Banking Group (ANZ) — entered into a $130 million USD syndicated loan agreement with Novus Aviation Capital L.L.C. — a Dubai-incorporated and headquartered independent, privately held commercial aircraft leasing and financing company — to finance its purchase of one Boeing 777-300ER aircraft. This loan carried a maturity period of 12 years, a final maturity date of September 23, 2029, and an interest rate based on a floating rate plus a margin of 1.95%. This loan was secured by (i.e. collateralized against) the Boeing 777-300ER aircraft purchased by Novus Aviation Capital. ANZ was the overall arranger of the loan.

Staff comments

1. The individual contributions of the three lenders to this $130 million USD syndicated are unknown. Therefore, to estimate the contribution of BOC, AidData has assumed each lender contributed equally ($43,333,333.3333 USD) to the loan syndicate.