Increases financings to US$600m; Bank of America Merrill Lynch and FBG as new finance partners; Abu Dhabi National Leasing as Agent
Sanad Aero Solutions GmbH (Sanad), a wholly-owned subsidiary of Mubadala Development Company, has increased its financings to US$600 million, in a club deal that further expands the company’s spare engine and component product offering.
Sanad has raised an additional US$90 million in financing through a consortium deal with three industry leading banks. Abu Dhabi National Leasing (ADNL), the wholly owned lease financing arm of the National Bank of Abu Dhabi (NBAD), acted as agent for the transaction joined by Bank of America Merrill Lynch (BofAML) and FGB in their first transactions with the company. The facilities provide financing for spare engines and components in support of Sanad customer programs globally.
Troy Lambeth, Chief Executive Officer of Sanad, said: “This transaction is an important milestone for the company in expanding our international lender base. We are very pleased to extend our relationship with ADNL and to welcome BofAML and FGB, two additional global leaders, as partners to our growing story. The transaction serves as a further endorsement of Sanad’s asset portfolio, our team, and the strength of our business model.”
Yousef Abdulla Yousef, Managing Director of ADNL, added: “We are delighted to expand our partnership with Sanad through this transaction which further reflects our confidence in Sanad’s product offering, the commercial spares market, the strength of the related assets and the Sanad team. We look forward to our ongoing work with Sanad as it continues to grow.”