Flydubai secures over $750m of aircraft financing
FlyDubai has announced aircraft financing worth more than $750m in deals with GECAS (General Electric Capital Aviation Services) and BBAM. The financing will take care of the next nine aircraft FlyDubai is due to receive and secures all the low cost carrier's financing requirements until June 2011.
"I am delighted to be able to announce this aircraft financing today. These deals are very significant for Flydubai because this committed money secures the next nine aircraft we are due to receive and mean all our financing requirements until June next year are taken care of," said Ghaith Al Ghaith, CEO of FlyDubai.
"We already have agreements in place with both GECAS and BBAM and it is clear from their willingness to enter into further ties with us that they have been pleased with what FlyDubai has delivered so far. These are some of the largest aircraft financers in the world and their faith in Flydubai is a huge endorsement of us and our success since our launch."
Both deals are eight year term sale and leaseback agreements. The agreement with GECAS is for six aircraft, taking the total number of Flydubai aircraft GECAS finances to 10. BBAM are adding another three aircraft to make their total commitment six.
Norm C. T. Liu, President and CEO of GECAS, said, "During its first 15 months of operations, Flydubai has worked to build a solid foundation for future growth. GECAS is pleased to continue our partnership with this rapidly expanding airline, and provide the financial support they need to continue their impressive growth."
Steve Zissis, President of BBAM, said, "We signed our first financing deal with Flydubai at the same time the airline announced its historic aircraft order for more than 50 Boeing 737-800NGs at Farnborough in July 2008. We're very pleased to be able to strengthen our relationship with Flydubai and look forward to many more years of partnership. Our partnership with Flydubai is an excellent example of BBAM's expansive global footprint and ability to provide solutions for airlines in every stage of development."