Novus Aviation Capital has closed a finance lease with Emirates Airline for two A380-800swhich have a List Price in Excess of $800m. The deal is the first transaction for Tamweel Aviation Finance (TAF), Novus Aviation’s managed financing platform offering turnkey alternative financing solutions to airlines and aircraft leasing companies. TAF is a joint venture between Novus, Airbus and the Development Bank of Japan (DBJ), launched in September 2013.
“This landmark transaction with Emirates Airline, one of the world’s most successful air carriers, strengthens our long-standing relationship with the airline and complements our numerous B777s already on operating leases with Emirates. With the expansion of our Dubai and Hong Kong offices, we are committed to supporting the continued development of the aviation industry in the Middle East and the phenomenal growth of Emirates with more aircraft financing in the near future.”, said Hani Kuzbari, Executive Vice President at Novus and member of TAF’s Investment Committee.”
Novus Aviation Capital acted as overall structuring agent and provided a mezzanine tranche through TAF on both aircraft, providing Emirates with a comprehensive structured financing solution. Senior financing was provided by a consortium of regional and international banks, including the National Bank of Abu Dhabi, Union National Bank, Samba and the Korean Development Bank.
Mounir Kuzbari, Executive Vice President at Novus and member of TAF’s Investment Committee added “This financing transaction is the first deal closed by Tamweel Aviation Finance (TAF) and is a validation of the demand for alternative non-bank financing sources. We are very encouraged by the participation of distinguished GCC lending institutions alongside amajor Asian development bank. We look forward to building a financing channel with our growing airline customer base”
This is Novus Aviation Capital’s third aircraft delivery this month following the completion of a Purchase & Leaseback on a brand new A330-300HGW with Malaysia Airlines, announced earlier in December. Novus Aviation Capital will be celebrating its 20th anniversary next year, marking its long standing commitment and dedication to the air finance industry.