MRO Middle East: Sanad secures 'milestone' finance for Etihad engine spares deal

Sanad Aero Solutions (Sanad), Mubadala Aerospace's component and engine financing solutions group, has partnered with Abu Dhabi National Leasing (ADNL), a wholly-owned asset-based lease finance arm of the National Bank of Abu Dhabi (NBAD), to provide up to US$ 169 Million (AED 620.7 Million) in lease financing to Etihad Airways for spare engine sale and lease-back transaction.
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ADNL has provided Sanad with a fully underwritten long-term lease facility in support of the purchase and lease-back of five GE90 and six Rolls Royce Trent 500 engines. Each engine is contracted for a 10-year operating lease term.
Sanad CEO Troy Lambeth said: “This is an important milestone for Sanad in attracting commercial debt at an early stage and with a key cornerstone customer in Etihad Airways.  We are thrilled to have ADNL as a partner in this transaction and excited to explore other areas where we can expand our relationship through other transactions in our shared mandate to establish Abu Dhabi as a global aerospace hub.”
The transaction takes the total contracted value of Sanad’s long term engine and component access and leasing transactions to well over $500 million since its launch in 2010.
Yousef Abdulla Yousef ADNL’s managing director said: “ADNL is delighted to announce our partnership with Sanad on this important transaction with Etihad Airways and we see further opportunities to expand our relationship with both companies as they continue to grow.
“ADNL’s commitment in this transaction reflects our confidence in the Sanad team, the strength and reputation of their investor group and the quality of Sanad’s growing aircraft engine and component portfolio, as well as our continuing support to Etihad Airways and to Abu Dhabi’s economic vision
 

PICTURED: Sanad's Troy Lambeth - "This is an important milestone"

 

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