Biman Expands Aircraft Fleet with JP Morgan Financing
JP Morgan has provided a US$277m financing facility to Biman Bangladesh Airlines (Biman) to support the airline’s long-term, expansion plan. Through the facility, Biman, which is 100% owned by the Bangladesh government, will purchase two new Boeing aircraft to service an expanding domestic and international network of routes. This is the first aircraft delivery arising from Biman’s 2008 order placed with Boeing for 10 aircraft over the next decade.
Guaranteed by the Export-Import Bank of the US (US Ex-Im Bank), the 12-year loan facility will be repaid quarterly. JP Morgan has almost 50 years’ experience in handling US Ex-Im Bank guaranteed transactions.
Muhammad Zakiul Islam, managing director and chief executive officer (CEO) of Biman, said: “JP Morgan’s proven track record in providing aircraft financing and their comprehensive end-to-end financing solution were key factors in our decision to partner with them. Throughout this process, their trade finance team consistently provided advice when we needed it and backed this up with an efficient and effective execution.”