December 12, 2014
SAS completes Pre-Delivery Payment financing for eight Airbus aircraft
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 US$74m in total, with a maximum of US$54m outstanding at any one time. The loans under the PDP Facility will be repaid upon delivery of each aircraft to SAS. 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.