April 24, 2019

CDB Aviation closes landmark financing

CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co, closed in April a $525 million unsecured credit facility, marking the company’s first such syndicated transaction.

The five-year facility, which will be used for general corporate purposes, was led by Bank of China (Hong Kong), Crédit Agricole CIB (CA-CIB), Goldman Sachs (Asia), Mizuho Bank and Société Générale CIB as mandated lead arrangers and bookrunners, with CA-CIB acting as facility agent.

In April, CDB Aviation was assigned investment-grade ratings from the three major credit rating organisations.

Moody’s Investors Service assigned an A1 local currency and foreign currency issuer ratings with outlook stable.

S&P Global Ratings assigned a single-A long-term issuer credit rating with a stable outlook.

Fitch Ratings assigned CDB Aviation a long-term issuer default rating (IDR) of single-A-plus with a stable outlook.

Crédit Agricole Corporate and Investment Bank acted as CDB Aviation’s ratings advisor.