ABU DHABI / WAM
Sanad Aero Solutions, Sanad, a wholly-owned subsidiary of Mubadala Investment Company, announced the closing of a new financing facility with First Abu Dhabi Bank (FAB).
FAB has led several Sanad financings since the company launched in 2010 which support various existing and new customer spare engine and component programmes including new long-term CFM56-5B and 7B spare engine lease programmes with Lufthansa Technik and TUI Group.
The new facility is valued at $62 million and will be used to fund various Sanad customer programmes including long-term pool access for up to $23 million of B787 components in support of various SR Technics component service programmes.
Troy Lambeth, Chief Executive Officer of Sanad, said, “We are delighted to have worked with FAB on this important transaction as they continue to be a strong banking partner for the company. We expect to see more of our long-term pipeline materialize in 2019 and attaining efficient financing support from the market is a key driver in our approach.”
Mohanad Al-Borno, SMD and Head of CIB-UAE, added, “Given the strategic importance of the aviation sector to the UAE economy, FAB is pleased to build on its long-standing relationship with Sanad. This facility meets the funding requirements of a number of Sanad’s key customer programmes, enabling both the company and the wider aviation sector in the UAE to grow stronger.”