SAS has secured a Pre-Delivery Payment Financing Facility (“PDP Facility”) covering a portion of the pre-delivery payments that SAS is making under the aircraft order with Airbus. The PDP Facility covers certain payments in relation to two Airbus A330-300 Enhanced and six Airbus A320NEO aircraft and is structured as a revolving credit facility under which SAS may draw up to MUSD 74 in total, with a maximum of MUSD 54 outstanding at any one time. The loans under the PDP Facility will be repaid upon delivery of each aircraft to SAS.
– We are very pleased to have signed an agreement that secures PDP financing for the first two new long haul aircraft and for the first phase of our A320NEO order. The agreement reflects the strong working relationship we have with DVB and confirms the investor appetite for the aircraft we have on order, says Göran Jansson Executive Vice President and CFO for the SAS Group.
The aircraft will be delivered during the latter part of 2015 through to the early part of 2017. DVB Bank SE is the sole arranger and financier of the facility.