Turkish Generates $328.3m In EETC Deal

Turkish Airlines has raised $328.3m in enhanced equipment trust certificates (EETCs), its first deal accessing the capital markets.

The trust will use the proceeds from the offering to acquire equipment notes to be issued by Bosphorus, a newly formed limited liability company, and secured by three new 777-300ER aircraft scheduled for delivery in March 2015 and April 2015.

Proceeds from the sale of the equipment notes will be used to acquire 777-300ER aircraft, each of which Bosphorus will lease to Turkish Airlines under a separate finance lease agreement.

It is the second EETC airline deal announced this month, following Avianca’s deal for a 787 and two A320 family aircraft.

TAGS: Europe
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