Standard Chartered and Garuda Indonesia complete delivery of 6 aircraft

23 October 2013, Singapore – PT Garuda Indonesia (Persero) Tbk (“Garuda Indonesia”) and Standard Chartered Bank (“Standard Chartered”) have completed the delivery of the last six Boeing 737-800 Next Generation (NG) aircraft under a multi-million dollar sale and leaseback (“SLB”) arrangement.

This concludes the second sale and leaseback arrangement between the Bank and Garuda Indonesia, following the successful closing of a transaction for four Boeing 737-800 NG aircraft in February 2011.

Over the past two years, Standard Chartered has provided Garuda Indonesia with a wide array of products and services including additional SLB facilities, financial advisory, term loan, trade facilities, and risk management.

All six aircraft under the second SLB arrangement are leased to Garuda Indonesia by Pembroke Lease France SAS, a subsidiary of Standard Chartered. The financing facilities for the aircraft have been arranged, underwritten and funded exclusively by the Bank.

The purchase and long-term lease for a 10-year period was structured to enable Garuda Indonesia flexibility in its fleet planning in tandem with the company’s own / lease strategy. This forms part of the airline’s fleet renewal programme comprising a total of 25 B737-800 aircraft.

President & CEO of Garuda Indonesia Emirsyah Satar thanked Standard Chartered for the partnership and said this is an important milestone for Garuda Indonesia’s transformations programme, “Quantum Leap 2011-2015”, particularly in terms of its continuous fleet development programme.

“Moreover, the delivery of B737-800NG aircraft is in line with Garuda Indonesia’s determined effort to broaden and strengthen the flight network in the domestic and regional market, while at the same time enhancing service to our customers by offering more comfortable travel experiences on our modern fleet," he said.

Commenting on the transaction, Simon Perkins, Chief Commercial Officer of Aviation Finance for Standard Chartered, said, “This transaction, when combined with the earlier financings completed over the last two years with Garuda, demonstrates our commitment to partnering with key clients through the economic cycle. It is a strong testament to our capability and brand promise to be Here for good.”