CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing, closed a secured portfolio financing facility for $700 million, covering a fleet of 19 Airbus and Boeing aircraft.

“Diversifying financing sources at a competitive cost of capital is a key objective for CDB Aviation, and we appreciate the strong support from our banking partners in concluding this transaction,” said CDB Chief Financial Officer Will Gramolt.

The seven-year facility was provided by a group of eight banks, consisting of: BNP Paribas, Crédit Agricole Corporate & Investment Bank, ING Bank, National Australia Bank, Natixis, Société Générale, Sumitomo Mitsui Trust Bank and Westpac Banking, each acting as mandated lead arranger.

“We are very pleased to welcome both existing and new lenders to this facility, all of whom are major international aviation lenders. We look forward to building long-term relationships with them,” added Gramolt.

Crédit Agricole Corporate & Investment Bank acted as facility agent. The security trustee was Bank of Utah. Allen & Overy acted as counsel for the mandated lead arrangers. Clifford Chance represented CDB Aviation.