Tiger Airways secures backing to purchase nine aircraft

Tiger Airways Holdings Limited and Standard Chartered Bank obtained (16-Sep-2010) approval from the French Export Credit Agency (ECA) to support the purchase of nine A320 aircraft. Standard Chartered Bank is mandated as the Lead Arranger for the ECA financing relating to these aircraft. The transaction is currently in the documentation phase and is expected to close upon delivery of each aircraft. The nine aircraft are scheduled to be delivered over the next six months through until Mar-2011. This will bring the total number of aircraft owned by Tiger Airways to 11. From now until Mar-2011, Tiger Airways will also return two older aircraft that are currently leased. This means that it will be operating a fleet of 26 aircraft, of which 11 (42%) will be owned with in the form of the lowest possible airfares. [more]