MUFG Bank Ltd. (MUFG) said Wednesday it closed a 12-year $123-million Japanese operating lease with call option (JOLCO) financing with
Cebu Pacific is the Philippines’ leading low-fare airline that flies to 35 domestic and 24 international destinations across Asia, Australia and the Middle East.
The transaction is secured by two new Airbus A321NX aircraft, a modern new-generation aircraft type core to Cebu’s fleet. June Raj, MUFG managing director and head of aviation finance in Asia Pacific, said “the JOLCO market continues to be an attractive financing option for selected clients across the region”.
Diana Singson, MUFG managing director and head of global corporate and investment banking for the Philippines, said: “We have a long-running multi-product relationship with Cebu Pacific and its parent JG Summit, and are honored to support and further deepen our partnership with them through this JOLCO financing.
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