Garuda Indonesia Concludes Loan Deal with Standard Chartered for 10 Aircraft
PT Garuda Indonesia (Persero) and Standard Chartered Bank have closed multi-million dollar sale and leaseback arrangements for four Boeing 737-800 Next Generation (NG) aircraft. Standard Chartered assisted Garuda Indonesia in acquiring and leasing the aircraft through Pembroke Group, the bank’s aircraft leasing, financing and management subsidiary.
Following the successful closing of the first transaction, the airline has awarded Standard Chartered a second sale and leaseback mandate for six Boeing 737-800 NG aircraft. The aircraft are scheduled to be delivered from December 2011 to May 2012.
Emirsyah Satar, chief executive officer (CEO) of Garuda Indonesia, said: “This is part of our on-going fleet revitalisation, which during 2011 will see the delivery of 12 new aircraft from Airbus and Boeing. By 2015, Garuda Indonesia will have a total fleet of 153 aircraft including Airbus A330-series, Boeing 737-800 NG, and Boeing 777-300 Extended Range aircraft. These deals highlight the confidence that international financial institutions are showing in the operational and financial turnaround at the airline.”