PIF-owned jet lessor AviLease raised a USD 2.5 bn 5-year unsecured term facility from a syndicate of 24 local, regional, and international lenders, according to a statement. The issuance was 2.7x oversubscribed, the statement read. The facility is structured in two parts, including a conventional facility worth some USD 1.7 bn and a Shariah-compliant USD 770 mn facility.

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The facility will go towards refinancing a 2023 bridge facility that helped finance AviLease’s USD 3.6 bn acquisition of Standard Chartered’s global aviation finance leasing business which comprises more than 120 aircrafts, the statement read. The bridge facility was earmarked for fleet expansion, as AviLease eyes a spot among the top 10 global aircraft lessors by 2030.

ADVISORS- Our friends at HSBC Bank Middle East acted as lead arrangers on the conventional part, alongside Bank of Dubai, and Natixis, while Abu Dhabi Commercial Bank was the coordinating bank. For the Shariah-compliant facility, Mizuho Bank acted as coordinating bank, while Saudi National Bank and Warba Bank acted as lead arrangers. Meanwhile, White & Case acted as legal counsel to AviLease, while Pillsbury advised the lenders.

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