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Kuwait : JAZEERA AIRWAYS secures US $18..3 million aircraft refinancing facility through ABC

June 19, 2014

Jazeera Airways Group announced that it has secured a US $18.3 million aircraft refinancing facility through Arab Banking Corporation (ABC).

Jazeera Airways Group will use the proceeds to close an existing facility through the French corporate and investment bank, Natixis, resulting in a reduction of the company's debt financing charges.

The debt markets has the opportunity to lower cost of debt, enabling it to use an even better capital structure and a stronger balance sheet to support the Group's operations and strategic growth prospects. The US $18.3 million refinance facility through ABC has a 5-year term.

ABC is a leading player in the region's banking industry and provides innovative wholesale financial products and services that include corporate banking, asset finance, project and structured finance, syndications, treasury products and Islamic banking.

The bank provides retail banking services through its network of retail banks in the MENA region, namely in Algeria, Tunisia, Egypt and Jordan.

Jazeera Airways Group is a company with a fleet of 15 wholly-owned Airbus A320s, through its leasing-arm Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America, SriLankan Airlines, Flynas, TAP Portugal and Jazeera Airways.

Jazeera Airways operates its 7 Airbus A320s with a two-class cabin comprising a Business Class and an Economy Class. Business Class travelers get an upgraded experience and exclusivity.

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Source: TendersInfo (India)

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