Citi and Credendo close $328 million deal to finance IndiGo's 8 Airbus jets
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Citi and Credendo closed a $328 million deal to finance eight Airbus jets for IndiGo.
- ✓Citigroup said on Tuesday that this is the first Credendo-insured aviation financing through GIFT City.
- ✓The deal covers six A321 and two A320 aircraft, helping the airline expand its fleet using this new funding structure.
Story at a Glance
- Category
- BUSINESS
- Reported By
- mint
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Summary
The financing covers six Airbus A321 and two A320. Citi acted as the sole mandated arranger, ECA coordinator and sole lender, while Credendo provided credit insurance.
American investment bank Citigroup and Belgian export credit agency Credendo, a European credit insurer, have completed a $328 million financing deal for eight Airbus aircraft for India's budget carrier IndiGo, marking two milestones in global aviation finance.
The transaction is the world's first-ever Credendo-insured aviation financing and the first export credit agency (ECA)-backed aircraft financing through GIFT City's International Financial Services Centre (IFSC) leasing structure, Citigroup said in a statement on Tuesday.
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