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Turkish Airlines Records $12Bn Aircraft Financing Deals in 10 Years

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Turkish Airlines has crowned its success with 21 international finance awards in the past 10 years for raising $12 billion with three new awards for its successful aircraft financing models.

The three new awards won at Bonds & Loans Awards Night and which brought the number of awards on its financial models to 21 include “Transport Finance Deal of the Year”, “Trade and Export Finance Deal of the Year” and “Structured Finance Deal of the Year”.

Turkish Airlines has been awarded as the runner up in “Trade and Export Finance Deal” category by Bonds & Loans for its brand new B777-300ER aircraft delivered in September 2015.

The total financing builds up to 16,8 billion Japanese Yen and the structure is a combination of an innovative, complex and unique U.S. Ex-Im Guaranteed French Tax Lease.

This structure has been successfully implemented by Turkish Airlines by placing the financing in Japanese Yen rather than placing the predominant currency in aircraft finance which is American Dollar.

The structure was arranged by BNP Paribas, where tax leverage is achieved in this deal together with Ex-Im Bank Guarantee coverage, enabling Turkish Airlines to use the advantages of both export guarantee and tax leverage leading to a low cost of financing for the subject aircraft.

Turkish Airlines has been awarded as the runner up in the “Structured Finance Deal of the Year” category as well by Bonds & Loans for its brand new 3 A321-200 aircraft delivered between September and November 2015.

Turkish Airlines’ primary goal was to obtain a long-term and diversified cheap funding source.

Accessing to the Japanese capital markets have added another source together with the banking market and contributed to diversify the geographic exposure.

Moreover, this transaction has also achieved an attractive 100% LTV financing at low cost by combining with Japanese equity.

This deal is the first-ever JPY denominated EETC for aircraft financing in the world, which has established a brand new financing structure by integrating conventional EETC with JPY capital markets.

This fully worked-out structure put multiple aircrafts into multiple classes and provided liquidity support from a Japanese bank, which boosted the acquisition of higher rating than the obligor‘s credit.

‎Flag carrier has also been awarded as the finalist in the “Transport Finance Deal of the Year” category by Bonds & Loans at the awards ceremony held in İstanbul, for its brand new 1 B777-300ER and 8 B737-800 aircraft delivered between May and August 2016.

The total financing builds up to 430 million Euros and the structure is a combination of an innovative, complex and one-of-a-kind U.S. Ex-Im Guaranteed format French Tax Lease with Bridge Loan.

Tax leverage is achieved in this deal together with Ex-Im Bank Guarantee coverage, enabling Turkish Airlines to use the advantages of both export guarantee and tax leverage leading to a low cost of financing for the subject aircraft.

Also, as US Ex-Im is not active at the moment, there are bridge loans embedded into the Ex-Im guaranteed structure for each aircraft, leading to the benefit of having lower costs of financing also until Ex-Im coverage is available.

Ms. Ayşegül Denli, Turkish Airlines’ SVP Finance, received the awards on behalf of the carrier. In her acceptance speech she emphasized her great pride in winning the honor.

She continued by saying that; “It’s very important and also valuable for us to win 3 awards for the financial models that we implemented in 2016, which was a very tough year on global scale. Turkish Airlines exhibits leading performance in all areas of aviation, constantly working for continued success.

“As a result of this ongoing effort, we have received a wide range of awards which provide a substantial encouragement and satisfaction to our team. I want to thank both Bonds & Loans and our devoted team, which has put their hearts and souls into these projects.”

Turkish Airlines has had very innovative and first-of-a-kind financing models rewarded by Jane’s Transport Finance, Global Transport Finance, Bonds & Loans, and Airfinance Journal in respect of its financing models that have been put in practice in 2006, 2008, 2011, 2012, 2013, 2014, 2015 and 2016.

Turkish Airlines has crowned its success with 21 international aircraft finance awards in the past 10 years for raising 12 billion US Dollars.

Its various innovations include being the first ever JPY denominated EETC; the first ever ECA backed French Lease;  the first ever US Exim backed French Lease; the first ever ECA backed JOLCO Lease; the first ever US Exim backed JPY denominated Convertible Bond; and the first ever ECA Guaranteed Italian Tax Lease in Japanese Yen denomination.‎

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

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Explore Nigeria With These Top Four Tour Operators

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By Ogunfowoke Adeniyi

Nigeria is a beautiful country and one of the thrilling ways to explore this beauty is by going on group tours. Of course, you can visit these destinations on your own but to unearth the real excitement in travelling, it is advisable you go in a group.

Presently, there are quite a number of tour operators that organise tours to different Nigerian destinations. So, it is not difficult to get a tour operator to get away with. However, if you want the best, tour operators in the country, Jumia Travel, identifies some of them.

Social Prefect Tour

Chiamaka Ngozi Obuekwe is the Chief Executive Officer of Social Prefect Tours, a travel brand which organises group tours, school excursions, corporate retreats, holiday packages and also offer tour guide services in Nigeria. Social Prefect Tour is one of the popular tour operators in Nigeria.

Unravelling Nigeria

Unravelling Nigeria is a company that uses an online platform to create awareness on the tourism potentials of every state in Nigeria.

They are dedicated to finding every tourist attraction around the country and showcasing it to the world so that Nigeria can become a top tourism destination. It is owned by Lola Daniyan

TP Adventures

TVP Adventures makes travel easy and affordable. It is a one-stop shop for group tours within Nigeria and Africa. TVP Adventures specialises in cultural, historical and nature tours across Nigeria and Africa.

Tour2Nigeria

Tour2Nigeria offers a window to various cultural and tourism potentials available in all nooks and crannies of Nigeria. Tour2Nigeria promotes the country’s rich culture and offer information that is second-to-none to both local and international visitors.

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Nigerian-Canadian, Lola Kassim Appointed New GM for Uber West Africa

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Lola Kassim as its new general manager for West Africa

By peter oluka

Uber, Monday, announced, the appointment of Lola Kassim, a Nigerian-Canadian, as its new general manager for West Africa.

Most recently, Lola worked as a Management Consultant with McKinsey and Company where she led teams providing strategic business advice and implementing organizational and operational improvements in the energy, public, and financial services sectors in West and Southern Africa.

A seasoned professional with over 10 years of global experience working at senior private sector and government levels in Africa and Canada, Lola will be responsible for driving Uber’s overall strategy for West Africa, which includes improving reliability and service levels for uberX and creating additional value adds for driver-partners.

“I am immensely pleased to be joining Uber at a pivotal point in the company’s growth and expansion curve. My vision for West Africa, in particular, is to ensure that we are aligned with Uber’s overall objective of creating sustainable, alternative modes of mobility. In addition to creating value for driver-partners and riders, I will also be focused on ensuring that we continue to engage with our key stakeholders and relevant partners with a view to continued positive impact across West Africa.”

Speaking on Lola’s appointment, Alon Lits, general manager Sub-Saharan Africa, Uber said: “As a company that is deeply committed to diversity and inclusiveness, we are excited to have Lola join the team of other incredible women at Uber – who are pushing the envelope towards achieving the global vision of creating value for riders and driver-partners alike. In West Africa, Lola will be supported by a highly skilled and enthusiastic team covering Operations, Marketing, Communications, Legal and Policy. As we often say at Uber, we are #superpumped.”

Prior to joining Uber, Lola spent 3.5 years as a Management Consultant at McKinsey and Company. She also worked as a Governance Advisor with the Liberian Presidency through the

Africa Governance Initiative, supporting a unit driving delivery of Presidential infrastructure priorities. She began her career with the Canadian government where she served as Policy Advisor to senior officials and managed units developing policy, strategy, and business cases regarding socio-economic development programming for Canada’s Aboriginal communities and foreign policy.

A Nigerian-Canadian, Lola holds a Bachelor’s degree from Harvard University and an MSc from the London School of Economics where she was a Chevening Scholar.

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NIPOST to Begin Banking Services Soon

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The Nigeria Postal Service (NIPOST), will soon introduce agency banking services in its operation, according to Mr Godwill Magulike, district manager (Ilorin).

 

Magulike, said that the agency’s banking services would enable Nigerians to send money across the country and beyond, thereby complimenting its courier services.

 

He said that NIPOST had earlier introduced other products aimed at reviving the postal system, serving the people better and increasing patronage.

 

He listed the products as money order, electronic stamps and address verification, among others.

 

“We have come to an era in NIPOST where we have to re-examine the activities of postal service in line with modern technologies.

 

“We also try to showcase our new products in the market apart from our core posting responsibility.

 

“For instance, with the introduction of agency banking, people can easily send money to their loved ones, across the country.

 

“We target bringing out new potentials of the service to meet the present demands in the country.

 

“This effort requires strong collaboration with the private sector whose investment capital and expertise are crucial.

 

“We are indeed getting back on track as we are reinventing, embracing digitization, redefining our value proposition and developing new product services”, he said.

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