Saudi "Avilis" Secures $1.1 Billion Loan

The Saudi aircraft leasing company "Avilis" announced today, Wednesday, that it has secured an unsecured loan worth $1.1 billion for a duration of five years to achieve the company's overall objectives, which include purchasing more aircraft. "Avilis" stated that the loan consists of two tranches, "the first valued at $850 million and the second at $250 million, compliant with Islamic law," noting that subscription requests exceeded the limit by 3.3 times. Bloomberg News reported on Monday that the company is engaged in advanced discussions to acquire the aviation financing business of Standard Chartered Bank, a deal that could be valued at approximately $3.75 billion. Citi, Riyad Bank, First Abu Dhabi Bank, Gulf International Bank, and Saudi First Bank were appointed as the main arrangers of the deal. Saudi French Bank, Saudi Investment Bank, Abu Dhabi Commercial Bank, and HSBC joined the traditional tranche, while Dubai Islamic Bank, Al Rajhi Bank, Bank Al-Jazira, and the National Bank of Saudi Arabia participated in the tranche compliant with Islamic law.