AWAS announced today that it has closed a US$242 million Senior Secured Portfolio Facility (the “Facility”), arranged by Credit Agricole Corporate and Investment Bank (”CACIB”).

The Facility is intended to provide a refinancing solution for AWAS fleet aircraft, as well as finance of new aircraft deliveries. The Facility is secured by, among other things, the ownership interest in 11 narrow body aircraft. The Facility was initially closed with finance of four AWAS fleet aircraft. The remaining seven aircraft will be brought under the Facility on a rolling basis over the coming months.

AWAS CFO, Simon Glass said “AWAS is delighted to close this Portfolio Facility, our second such facility with CACIB, further strengthening this key banking relationship. The Facility provides the ideal, short term, low cost, flexible solution to address AWAS’ near-term financing needs.”