SAS secures initial financing for 5 Airbus Aircraft

SAS Group (STO: SAS) (OSE: SASNOK) said it has secured a Pre-Delivery Payment Financing Facility (“PDP Facility”) with DVB Bank covering a portion of the pre-delivery payments that SAS is making for five Airbus A320neo under the aircraft order with Airbus.

The PDP Facility is structured as a revolving credit facility under which SAS may draw up to MUSD 46.

Through this agreement, SAS has secured pre-delivery payments of in total 11 Airbus A320neo until the beginning of 2018. It is the company´s second agreement relating to pre-delivery payments.

The loans under the PDP Facility will be repaid upon delivery of each aircraft to SAS.