Sanad Capital (Sanad), the aerospace asset leasing and financial solutions company, has completed delivery of its 12th engine to Etihad Airways. The delivery marks the final tranche of a US $280 million, 12 engine deal signed between the two Abu Dhabi aerospace companies in 2016.
The 12-year sale and lease-back agreement between Etihad Airways and Sanad, provides the UAE carrier with seven additional spare GEnx engines, four additional spare GP7270E engines and one V2527-A5 spare engine.
Troy Lambeth, Chief Executive Officer of Sanad Capital, said: “Our long-standing relationship with Etihad Airways is testament to Sanad’s position as a leasing partner of choice that can provide effective long-term lease financing solutions. The completion of this landmark agreement with Etihad Airways builds on our recent successes and demonstrates Sanad’s commitment to support our customers in their long-term growth.”
Collectively investing in the most technologically advanced platforms within the aviation industry and in-line with the shared mandate of both companies to further grow Abu Dhabi’s aerospace sector, Sanad and Etihad Airways have been key partners since 2011 and have closed over US$ 750 million in long term leasing transactions together.
Tony Douglas, Group Chief Executive Officer of Etihad Aviation Group, said: “Sanad has been a trusted and reliable partner in our growth over the past decade and we look forward to expanding our relationship in the future.”
The financing facility in support of the US $280 million, 12 engine agreement signed in 2016 was provided by First Abu Dhabi Bank (FAB), Bank of America Merrill Lynch (BAML), and Sumitomo Mitsui Banking Corporation (SMBC).