Air
Pacific, Fiji’s national carrier soon to be flying as ‘Fiji
Airways’ today announced that following the conclusion of a highly
competitive bidding process, it had selected two major international
aviation banks for European export credit financing for its three new
A330-200 aircraft. The two banks are German-based: KfW IPEX-Bank and
Helaba
The
selection of these two well-known international banking partners is
the result of a highly competitive RFP process overseen by one of the
world’s leading financial advisory consultancies in the aviation
sector, SkyWorks Capital, LLC. SkyWorks Capital issued the Air
Pacific RFP in late 2012 to a number of major international aviation
banks, and thereafter received 7 firm proposals involving 11 separate
banks, including five of the top global Export Credit banking
groups. “We are extremely pleased with the international financial community’s desire to invest in Fiji’s national airline, and on behalf of the nation we are proud to represent, we would like to thank everyone who participated,” said Dave Pflieger, Managing Director and CEO of Air Pacific.
“This strong response from well-known and highly experienced global financial institutions is a solid endorsement of Fiji’s national carrier, gained through the proven success of its turnaround plan, the strength of its management team, and the stability and strength of Fiji and its economy,” noted Ian McBain, managing director of SkyWorks Capital, who oversaw the RFP process on behalf of Air Pacific.
The move to finalise financing of its new aircraft follows the successful completion of purchase agreements in late 2012 with Airbus and Rolls-Royce for the purchase of three new Rolls-Royce powered, A330-200 Heavy Gross weight aircraft. Designated to replace Air Pacific’s current Boeing 747 fleet, the first aircraft delivery will be in March, 2013, with the second and third aircraft delivering in May and November, 2013 respectively. The A330-200s are the first brand new wide-body aircraft ever purchased by the 60 year old national airline, and they are valued in the Airbus catalogue at a price of USD $600 million ($F1.069 billion).
“The choice of KfW IPEX-Bank and Helaba as our banking partners is an incredibly successful outcome. Both institutions have long experience and excellent reputations in the aircraft financing business, and we are keen to build long-term relationships with them. This strong demonstration of confidence in Air Pacific (soon to be ‘Fiji Airways’) indicates how highly international financing entities view Fiji’s national carrier and Fiji itself,” Pflieger added.
