Abu Dhabi, UAE
Sanad Capital (Sanad), the aerospace asset leasing and financial solutions company, has completed delivery of its 12th engine to Etihad Airways. The delivery marks the final tranche of a US $280 million, 12 engine deal signed between the two Abu Dhabi aerospace companies in 2016.
The 12-year sale and lease-back agreement between Etihad Airways and Sanad, provides the UAE carrier with seven additional spare GEnx engines, four additional spare GP7270E engines and one V2527-A5 spare engine.
Troy Lambeth, Chief Executive Officer of Sanad Capital, said: “Our long-standing relationship with Etihad Airways is testament to Sanad’s position as a leasing partner of choice that can provide effective long-term lease financing solutions. The completion of this landmark agreement with Etihad Airways builds on our recent successes and demonstrates Sanad’s commitment to support our customers in their long-term growth.”
Collectively investing in the most technologically advanced platforms within the aviation industry and in-line with the shared mandate of both companies to further grow Abu Dhabi’s aerospace sector, Sanad and Etihad Airways have been key partners since 2011 and have closed over US$ 750 million in long term leasing transactions together.
Tony Douglas, Group Chief Executive Officer of Etihad Aviation Group, said: “Sanad has been a trusted and reliable partner in our growth over the past decade and we look forward to expanding our relationship in the future.”
The financing facility in support of the US $280 million, 12 engine agreement signed in 2016 was provided by First Abu Dhabi Bank (FAB), Bank of America Merrill Lynch (BAML), and Sumitomo Mitsui Banking Corporation (SMBC).