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VTB Group grants landmark Boeing financing guaranteed by SACE (CDP Group) to Turkish Airline company SunExpress

 
7 June 2017

Acting as Lender and ECA Facility Agent, VTB Bank (Austria) AG (“VTBA”) has provided EUR-denominated financing to the Turkish airline company Güneş Ekspress Havacılık A.Ş. (“SunExpress”) for 10 years. This financing was used to purchase three new Boeing aircrafts. The credit was  guaranteed by SACE (CDP Group).

The three planes were delivered to SunExpress on the 27th April, the 9th May and the 22nd May, 2017 respectively.

This is the first deal supported by SACE within the recently announced agreement with Boeing. It represents a new financing tool for Boeing aircraft. This agreement expands boundaries for all parties involved. 

SunExpress, based in Antalya and Frankfurt, is a joint venture of Lufthansa and Turkish Airlines. The airline carried over eight million passengers in 2015 and achieved a revenues of more than EUR 1bn. Its network covers 115 destinations in Europe and Turkey, as well as routes in Northern Africa and in the Middle East. Its fleet of 70 aircraft includes the Boeing 737-800.


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lending

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