The international magazine Air Finance Journal has awarded Spain`s Iberia Airlines its 2004 Overall Deal of the Year prize for the best fleet financing structure…
The international magazine Air Finance Journal has awarded Spain`s Iberia Airlines its 2004 Overall Deal of the Year prize for the best fleet financing structure with Iberbond 2004.
The award was given on April 4th at the 25th annual Air Finance Conference organized by the magazine In New York and accepted by Iberia`s Financial Manager Enrique Dupuy de Lome Chavarri. The operation was praised for its efficient structure combining an issue of securitised bonds placed with European institutional investors with subordinated bank debt and a tranche of Japanese fiscal equity.
Iberbond 2004 was Iberia`s third issue of securitised bonds, following Iberbond 1999 and Iberbond 2000, transactions which were praised by a number of specialised journals.
This transaction enables Iberia to finance the purchase of twenty A320 family Airbus aircraft, for a total amount of $933 million. The first of the aircraft was delivered in March 2004, and the last is due to take place in February 2006. In addition to its efficient cost, the operation gives the company wide diversification in financing sources, while providing major flexibility in the management of the fleet.
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