Aergo Capital Limited (“Aergo”) has completed the sale and leaseback of two widebody aircraft with Singapore Airlines. The transaction includes the sale and leaseback of new technology fuel efficient aircraft comprising one Airbus A350-900 aircraft and one Boeing 787-10 aircraft, bearing manufacturers serial numbers 278 and 60282 respectively. Both aircraft are subject to long-term leases with Singapore Airlines and are financed by way of Sharia compliant funding with Dubai Islamic Bank (DIB).
Fred Browne, Chief Executive Officer of Aergo, commented: “We are extremely happy to partner with Singapore Airlines and DIB. This transaction marks an important milestone for Aergo and demonstrates our commitment to invest and further grow our portfolio. The flexibility and broad range of skills inherent in the Aergo team enhances our ability to focus on a wide range of high quality deals that yield strong returns on equity while presenting relatively low downside risks. We found both Singapore Airlines and DIB to be proactive and highly professional partners in this transaction, resulting in a smooth closing process. We are looking forward to further developing our relationship with both parties.”
“CarVal Investors is delighted to partner with Singapore Airlines and DIB on this transaction,” said Justin Bradburn, Principal and Head of Aviation at CarVal Investors. “We see this as a compelling opportunity for growth and continued partnership.”
“Flying Solutions is pleased to have been able to assist Aergo in arranging its first Islamic financing” said Marc Bourgade, CEO of Flying Solutions.
Herbert Smith Freehills LLP acted as lead counsel to Aergo, A&L Goodbody acted as Irish transaction counsel, Maples and Calder acted as Cayman transaction counsel, Norton Rose Fulbright (Asia) LLP acted as lead counsel to Singapore Airlines and Allen & Overy LLP acted as lead counsel to DIB. KPMG advised Aergo on tax matters.