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Mon 27 Apr 2015 02:16 PM

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UAE aviation firm Sanad says raises $90m loan

Mubadala unit says to use funds to expand its spare engine and components offering

UAE aviation firm Sanad says raises $90m loan
Image for illustrative purpose only.

Sanad Aero Solutions, a unit of Abu Dhabi state fund Mubadala, has raised a $90 million loan to expand its spare engine and components offering, the company said on Monday.

Abu Dhabi National Leasing, the wholly-owned lease financing arm of National Bank of Abu Dhabi, Bank of America-Merrill Lynch and First Gulf Bank participated in the club deal, the company said in a statement.

The transaction will increase the company's total borrowing to $600 million, it added.

Sanad is an asset financing company which provides liquidity to the aviation industry, with customers in North America, Europe, Asia, the Middle East and North Africa, according to its website.

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