Etihad wins award for Jet Airways' transaction
Abu Dhabi, June 28, 2014
The UAE's national airline Etihad Airways has been honoured at TreasuryToday Magazine’s Adam Smith Awards 2014 for successfully implementing an innovative sales and leaseback (SLB) transaction worth $70 million with Jet Airways.
The prestigious awards, which are the largest corporate treasury awards program globally, take place each year to celebrate innovation and best practice, with winners for 2014 announced at a gala reception in London today, attended by more than 200 treasury and finance professionals.
Etihad was named winner of the Judge’s Choice award for providing a unique asset-backed lending solution to Jet Airways last year, which unlocked liquidity from the Indian airline’s three pairs of take-off and landing slots at London Heathrow airport.
Jet Airways continues to utilise the slots on its passenger services between the UK capital and India.
Etihad Airways Group treasurer Ricky Thirion said: "We are honoured to receive the Judge’s Choice award for last year’s sale and leaseback solution with Jet Airways, which was truly unique and innovative for both the aviation and treasury markets."
“Etihad and Jet are commercial partners and the agreement was beneficial to both, as no bank or third party debt was sourced and risks were mitigated due to our unique ability, as both airline partner and lender, to unlock the value of London Heathrow take-off and landing slots as security, which would not have been valuable to traditional lenders,” he added.-TradeArabia News Service