Tiger Airways inks financing deals with StanChart

The two multi-million dollar arrangements are for pre-delivery payments (PDP) of six Airbus 320s and the purchase of additional seven.

Scheduled by December 2011, the delivery of six Airbus 320s will transpire under the structured PDP financing arrangement by Standard Chartered Bank for Tiger Airways.

In addition, the Bank is mandated as the Lead Arranger for an Export Credit Agency-backed (ECA) financing for Tiger Airways to own additional seven Airbus 320s, bringing the number of aircraft owned by Tiger Airways to nine.

Tony Davis, President and Chief Executive Officer, Tiger Airways Holdings Limited, said, "We are grateful for the strong support that we have received from Standard Chartered Bank and their confidence in Tiger Airways. As we continue to grow in Asia and Australasia, we look forward to acquiring more of our own aircraft through ownership financing arrangements. The savings in operational costs, compared to leasing aircraft, will enable us to keep offering the lowest possible fares to our customers."

"These two transactions, hot on the heels of the earlier deals in January, demonstrate Standard Chartered Bank’s strength of liquidity and capital; and our ability to support our clients and their needs with a strong multi-product platform. We are absolutely proud to be part of Tiger Airways’ achievements to date and relish the opportunity to partner with them in the successful build out of their strategy in the future," said Simon Perkins, Managing Director, Aviation Finance, Standard Chartered Bank.

Tiger Airways currently has an aircraft fleet of 19 and aims to have 68 by December 2015.