RIYADH, March 28, 2024: AviLease, the rising global aircraft lessor wholly owned by PIF, Saudi Arabia’s sovereign wealth fund, announced today the successful closing of a USD 700 million unsecured revolving credit facility.

The dual-currency facility, in USD and SAR (Saudi Riyal), has been secured with four Saudi banks: Alrajhi Bank, Banque Saudi Fransi (BSF), Riyad Bank and Saudi Awwal Bank (SAB).

Commenting on the announcement, Edward O’Byrne, CEO of AviLease, said: “We are pleased to announce the signing of a USD 700 million dual-currency revolving credit facility, which was more than 1.3 times oversubscribed. This credit facility is key in diversification in our financing and liquidity strategy, representing a flexible short term financing tool in support of our opportunistic aircraft acquisition activities and working capital needs. This is a testament to the strength of our platform and strong support from our banking partners.”

“We thank the lender group for the support, and we look forward to continuing to foster our relationships with them,” he added.