UAE - Mubasher: Sanad Capital, a wholly-owned subsidiary of Mubadala Investment Company, has closed a $55 million debt financing deal with the Commercial Bank of Dubai.
This collaboration is the first of its kind between Sanad Capital, an aerospace engineering and leasing solution provider, and the bank, according to a press release on Monday.
The deal will finance the purchase of two new GEnx and XWB engines that were recently acquired through a long-term sale and leaseback agreement.
The Group CEO of Sanad, Troy Lambeth, said: "Our partnership with the Commercial Bank of Dubai is a strong validation of Sanad Capital’s ability to attract liquidity that supports growth targets, especially in the challenging current environment."
The CEO of the Commercial Bank of Dubai, Bernd van Linder, commented: "Sanad Capital has an exemplary performance track record in the aircraft engine and component leasing space, and we look forward to strengthening our relationship and facilitating their future expansion as well."