RBS International has provided a multi-million pound loan facility to enable Aurigny, the States of Guernsey owned airline, to purchase three new aircraft.
The new ATR72-600s have been acquired from Avions de Transport Regional GIE and incorporate ClearVision™ technology designed to reduce the disruption caused by fog. These new aircraft will also reduce ongoing maintenance costs as they are phased into the fleet.
The RBS International relationship team in Guernsey, led by Craig Morris, Senior Relationship Director, Corporate and Commercial and Emma Rayson, Credit Manager, arranged a 10 year term loan facility in support of the transaction.
Rob Girard, Guernsey Island Director said: “We were delighted to be chosen to work with Aurigny on this transaction which represents a significant capital investment in updating their fleet. The relationship team worked alongside colleagues in our Credit and Markets teams and delivered a funding solution in a very short timeframe demonstrating our local ability to deliver for our clients.”
As the acquisition was undertaken in US dollars and the loan was provided in sterling, the team also assisted Aurigny in managing the foreign exchange risks, as well as managing the interest rate exposure over the ten year term.
Chris Simpson, Aurigny’s Group Finance Director said: “We were impressed with how quickly and professionally RBS International’s team worked to understand Aurigny’s needs in this transaction enabling the bank to deliver a credit approved response to our financing request in a short time period. Once appointed as our financing partner, the bank’s commitment to delivering the deal on time, crucial to our plans, never wavered.”
Aurigny, recently voted the best short haul airline by consumer magazine, ‘Which’, is scheduled to take delivery of the aircraft in August, October and November this year.
