Freedom Town, Kuwait June 18, 2014 — Jazeera Airways Group today announced that itS has secured a USD 18.3 million aircraft refinancing facility through Arab Banking Corporation (B.S.C) (ABC). Jazeera Airways Group will use the proceeds to close an existing facility through the French corporate and investment bank, Natixis, resulting in a reduction of the company’s debt financing charges.
Jazeera Airways Group Chairman, Marwan Boodai, said, “The improving debt markets have given us the opportunity to lower our cost of debt, enabling us to deploy an even better capital structure and a stronger balance sheet to support the Group’s operations and strategic growth prospects.”
The USD 18.3 million refinance facility through ABC has a five-year term.
Bahrain-based ABC is a leading player in the region’s banking industry and provides innovative wholesale financial products and services that include corporate banking, asset finance, project and structured finance, syndications, treasury products and Islamic banking. The bank also provides retail banking services through its network of retail banks in the MENA region, namely in Algeria, Tunisia, Egypt and Jordan.
Jazeera Airways Group is a Kuwait Stock Exchange-listed company with a fleet of 15 wholly-owned Airbus A320s, through its wholly-owned leasing-arm Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America, SriLankan Airlines, Flynas, TAP Portugal and Jazeera Airways.
Jazeera Airways, the airline, operates its seven Airbus A320s with a two-class cabin comprising a Business Class and an Economy Class. Business Class travelers get both an upgraded experience and exclusivity, starting with exclusive check-in lines, business lounge access, up to 60 kilograms in free baggage allowance, and an exclusive on-board cabin. The airline’s Economy Class offers travelers free baggage allowance of 40 kilograms and free on-board meals with a changing menu every month.