Sanad Aero Solutions, a wholly-owned subsidiary of Abu Dhabi’s Mubadala Development Company, has raised $90 million in financing through a consortium deal with three industry leading banks, increasing its financings to $600 million.

Abu Dhabi National Leasing (ADNL), the wholly owned lease financing arm of the National Bank of Abu Dhabi (NBAD), acted as agent for the transaction, joined by Bank of America Merrill Lynch (BofAML) and First Gulf Bank (FGB) as new finance partners in their first transactions with the company.

The facilities provide financing for spare engines and components in support of Sanad customer programmes globally.
 
Troy Lambeth, chief executive officer of Sanad, said: “This transaction is an important milestone for the company in expanding our international lender base.  We are very pleased to extend our relationship with ADNL and to welcome BofAML and FGB, two additional global leaders, as partners to our growing story.  The transaction serves as a further endorsement of Sanad’s asset portfolio, our team, and the strength of our business model.”
 
Yousef Abdulla Yousef, managing director of ADNL, said: “We are delighted to expand our partnership with Sanad through this transaction which further reflects our confidence in Sanad’s product offering, the commercial spares market, the strength of the related assets and the Sanad team.  We look forward to our ongoing work with Sanad as it continues to grow.” – TradeArabia News Service