DUBLIN--(BUSINESS WIRE)--
CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced a new sale and leaseback transaction for a fleet of four Airbus aircraft with its existing customer, Scandinavia’s flagship airline, SAS.
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SAS took delivery of a new A350-900 on lease from CDB Aviation on Friday, March 26, 2021 in Toulouse, France. (Photo: Business Wire)
The agreement incorporates three A320neo and one A350-900 aircraft, which are leased to SAS on a long-term basis. The carrier already took delivery of the A350 on Friday, March 26, 2021. The remaining three A320neos are expected to be delivered during the spring of 2022.
“We are pleased to expand our long-standing relationship with SAS, with the addition of these new technology Airbus aircraft to the carrier’s growing one-type fleet,” said CDB Aviation Chief Marketing Officer Peter Goodman. “These aircraft will contribute to SAS’ ongoing efforts to transition their fleet to more environmentally conscious operations, with their fleet’s reduced environmental footprint and enhanced cost efficiencies.”
Magnus Örnberg, Chief Financial Officer of SAS, commented: “SAS has previously worked together with CDB Aviation on SLB transactions, and we are glad that we have secured the financing of new aircraft deliveries together with Patrick Hannigan and his team. The transaction enables the financing of our transition towards a unified fleet, with significantly lower emissions in a cost and cash efficient way.”
CDB Aviation’s commercial team continues to expand outreach, pursuing emerging opportunities for aircraft transactions, including in the sale and leaseback channel, in all aviation markets.
“As air travel markets open up and route networks are reactivated, innovative financings for the airlines’ both immediate and longer-term requirements will be key to enabling the market’s recovery, while ensuring that the airlines are able to successfully navigate their path out of this challenging environment,” underscored Patrick Hannigan, CDB Aviation’s Chief Executive Officer.
Airlines leverage CDB Aviation’s highly competitive position, with the strength and robust scale of its resources and capabilities, to “address their rapidly evolving requirements and position their networks for efficient recovery and successful future operations,” concluded Goodman.
Forward-Looking Statements
This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation’s business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as “may”, “will”, “seek”, “continue”, “aim”, “anticipate”, “target”, “projected”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “achieve” or other terminology or words of similar or analogous meaning. These statements are based on the current beliefs and expectations of CDB Aviation's management and are subject to significant risks and uncertainties. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
About SAS
SAS, Scandinavia’s leading airline, with main hubs in Copenhagen, Oslo and Stockholm, is flying to destinations in Europe, USA and Asia. Spurred by a Scandinavian heritage and sustainable values, SAS aims to be the global leader in sustainable aviation. We will reduce total carbon emissions by 25 percent by 2025, by using more sustainable aviation fuel and our modern fleet with fuel-efficient aircraft. In addition to flight operations, SAS offers ground handling services, technical maintenance and air cargo services. SAS is a founder member of the Star Alliance™, and together with its partner airlines offers a wide network worldwide.
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”) a 36-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A1), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606).
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