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Turkish Airlines Looks to Raise $3B to Purchase Airbus and Boeing Aircraft

The carrier has been in contact with several banks to find funds with a maturity of twelve years, with a minimum five-year lifespan. The airline is ready to accept it in any form, including multi-currencies and floating or fixed interest rates.

According to a source, the Airbus aircraft financing will be 85 percent guaranteed by the European Export Credit Agency (EECA), while the financing for the Boeing aircraft and a General Electric spare engine will have a 85 percent guarantee from the Export-Import Bank of the United States.

The carrier needs the money to buy 17 aircraft from Airbus and 26 from Boeing that they have on order. They are receiving ten A321-200s, five A330-300s and two A330-200Fs in 2016. Boeing will be delivering twenty Boeing B737-800s and six B777-300ERs, in addition to a GE engine. Currently, they have 282 aircraft in their fleet.

Turkish Airlines hopes to expand their fleet to 440 aircraft by the end of 2021. Just two years ago, they signed contracts with Boeing and Airbus for 95 and 117 narrow-body aircraft, respectively. Those should be delivered over the next 6 years to complete the fleet.

The airline is in competition with other Gulf airlines such as Emirates, Qatar Airways, and Etihad Airways for international dominance in the area. It’s essentially a battle of big-time soccer club sponsors playing a different game.

Turkish Airlines has asked financial institutions to submit their proposals by July 27th. The loan facilities will not have any sovereign guarantee. Turkish Airlines declined to comment on the matter.

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February 10, 2016

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