Doha, QATAR – Qatar Airways has struck two deals worth US$500 million for the financing of three Boeing 777 aircraft in a move that clearly demonstrates the finance community’s firm support and commitment towards one of the world’s fastest growing airlines.
The Doha-based carrier appointed Calyon and Natixis Transport Finance as Joint Arrangers for the financing of two recently-delivered Boeing 777-300ER aircraft. This transaction received a Jane’s Transport Finance ‘Deal of the Year’ award in early December.
In addition, the airline has appointed Arab Bank, Calyon, Europe Arab Bank, ING Bank and Natixis Transport Finance as arrangers for the financing of one Boeing 777-200LR aircraft due to be delivered in Spring 2009. This is the first transaction in which Arab Bank and its UK subsidiary, Europe Arab Bank have acted as Arranger for Qatar Airways.
Together, the transactions represent an innovative six-year, two tranche finance lease structure. The financing has been underwritten and financed by a pool of eight banks: Arab Bank, Calyon, DekaBank, Europe Arab Bank, Fortis Bank, ING Bank, KfW IPEX-Bank GmbH, and Natixis Transport Finance.
The transactions were successfully closed at the peak of the financial crisis and utilised unique tailor-made solutions from the banks demonstrating once again their strong commitment to Qatar Airways.
Qatar Airways Chief Executive Officer Akbar Al Baker said of the deal: “In the current financial climate, banks are focusing their liquidity on the strongest airlines. I am very pleased that these banks continue to demonstrate their support for Qatar Airways.
“Qatar Airways has built up a strong reputation in the international marketplace with a solid long-term growth strategy that can weather any crisis. Our commitment to provide the travelling public with greater choice through more frequency and more routes is unprecedented as we take delivery of brand new aircraft to help fulfill our targets.”
Natixis Transport Finance Chief Executive Officer Christian McCormick added: “We are proud to continue to support Qatar Airways’ expansion during these difficult times for the banking community, and extremely delighted to have arranged the four very first Boeing aircraft of the airline’s current fleet.“
Calyon’s global head of Aviation, Jose Abramovici said: “We were very pleased to provide Qatar Airways with innovative solutions. The structure was designed to attract asset players as well as banks which relied on creditworthiness of the airline. We look forward to continuing our support to our customer during 2009.”
Europe Arab Bank head of transport finance, Gilles Charmey expressed his delight of the deal, saying: “It has been rewarding to work with such an important airline in the Middle East and provide the flexibility required for the airline’s first Boeing 777-200LR.”
Qatar Airways’ Boeing 777-300 Extended Range aircraft features 335 seats in a two-class configuration of 42 seats in Business and 293 in Economy. The airline currently has four Boeing 777s in its fleet.
With a 2–2–2 configuration in Business Class and each seat converting to 180-degree flat beds offering a generous pitch of 78 inches, together with individual TV screens measuring 15.4 inches, it is one of the most spacious premium cabins in the skies today. The Economy Class cabin, in a 3–3–3 configuration, has a seat pitch of up to 34-inches and 10.6-inch TV screens, designed to offer optimum viewing. Both Business and Economy class cabins offer in-seat PC power supply and touch-screen inflight entertainment (IFE).
The aircraft features a revamped IFE system, Oryx Entertainment, offering each passenger more than 700 audio and visual options, and individual control of their entertainment.
The first of Qatar Airways’ Boeing 777-200 Long Range aircraft is expected to be delivered in early 2009 and will be used on the Doha – Houston route, one of the longest non-stop flights in the world with a flying time of 17 hours. The aircraft features 42 seats in Business Class and 193 in Economy.
In total, Qatar Airways has ordered 32 Boeing 777s – 14 B777-300ERs, six B777-200LRs, seven B777-200 Freighters with a further five aircraft on option.
Qatar Airways currently operates one of the world’s most modern fleet comprising 64 Airbus and Boeing aircraft from its Doha hub to 83 key destinations across Europe, Middle East, Africa, South Asia, Far East and North America.
About Qatar Airways
Qatar Airways, the national carrier of the State of Qatar, is proud to be Going Places Together with travellers across its more than 150 business and leisure destinations.
A multiple award-winning airline, Qatar Airways has been awarded World’s Best Airline, World's Best Business Class; Best Business Class Airline Lounge and Best Airline Staff Service in the Middle East by international air transport rating organisation Skytrax.
Qatar Airways was the first Gulf carrier to join global airline alliance, oneworld, enabling its passengers to benefit from more than 1,000 airports in more than 150 countries.
Oryx One, Qatar Airways’ in-flight entertainment system offers passengers up to 3,000 entertainment options from the latest blockbuster movies, TV box sets, music, games and much more. Passengers flying on Qatar Airways flights served by its B787, A350, A380, A319 and select A320 and A330 aircraft can also stay in touch with their friends and family around the world by using the award-winning airline’s on-board Wi-Fi and GSM service.
Qatar Airways proudly supports a range of exciting international and local initiatives dedicated to enriching the global community that it serves. Qatar Airways sponsors world-leading sports teams including FC Barcelona and Al-Ahli Saudi Arabia FC reflecting the values of sports as a means of bringing people together, something at the core of the airline’s own brand message – Going Places Together.
Qatar Airways Cargo, the world’s third largest international cargo carrier, serves more than 50 exclusive freighter destinations worldwide via its Doha hub and also delivers freight to more than 150 key business and leisure destinations globally