Feb 7, 2011

Garuda seals US$270 mio leasing facility

PT Garuda Indonesia (Persero) Tbk (GIAA) which will list its shares at Indonesia Stock Exchange has secured a leasing facility of US$270 million to buy 6 units of Boeing 737-800 NG.
Garuda has sealed the facility from General Electric Aviation Services (GECAS), a subsidiary of GE Commercial Finance.
A source as quoted by Bisnis Indonesia daily today said the facility is part of similar facility obtained by Garuda from GECAS, which is usually used to buy Boeing or Airbus.
"Garuda has entered into a leasing agreement with GECAS after the airline previuosly secured leasing facility from Standard Chartered Bank to add another 10 units of Boeing 737-800 NG," the source said.
Garuda will be charged a US$42 million-US$47 million leasing fee by GECAS. However, it will depend on the delivery.

Disclosure: No position at the stock mentioned above.  

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