Flag carrier Philippine Airlines (PAL) is borrowing $38 million from banks to finance the acquisition of an Airbus A321-200 aircraft. Cathay United Bank, the lead arranger and bookrunner of the syndicated term loan.

The other banks who served as co-arrangers are Asia United Bank and Mega International Commercial Bank.

In July, PAL took delivery of a brand new Airbus A321 to be used for its domestic and international flights. The arrival of the brand new Airbus A321 brought to 78 the total number of aircraft in PAL’s fleet.

PAL is scheduled to take delivery of three more Airbus A321s before the end of the year.

Earlier this year, PAL also signed a purchase agreement with Airbus for six A350-900 aircraft to be used for long-haul routes. The first A350 is scheduled for delivery in 2018. PAL is acquiring new aircraft to support the plan to expand to more destinations.