Bank of China contributes to $105 million USD syndicated loan facility to Singapore Aircraft Leasing Enterprise for the acquisition of a Boeing 777-300 aircraft

Project narrative

In October 2002, a syndicate of seven banks — including the Singapore Branch of the Bank of China (BOC) — entered into a $105 million USD syndicated loan facility with Singapore Aircraft Leasing Enterprise Pte. Ltd. (SALE) — a Singaporean majority state-owned aircraft leasing company — to finance the acquisition of one Boeing 777-300 aircraft. The loan carried a 12-year maturity. The loan was secured (i.e. collateralized against). The Boeing 777-300 aircraft, manufacturer serial number 29064, was then leased to Emirates Airline on a 10-year term. The facility was jointly arranged and underwritten by Arab Bank PLC, The Development Bank of Singapore Limited and Standard Chartered Bank, with Standard Chartered Bank acting as Security Trustee. Banks joining the syndication included DekaBank Deutsche Girozentrale, acting as Co-Lead Manager, the Singapore Branch of BOC and the Singapore Branch of Bumiputra-Commerce Bank Berhad at Manager level, plus the Singapore Branch of Bank of East Asia Limited at Co-Manager level. The deal marked the first time that SALE has worked with BOC.