AMSTERDAM, NETHERLANDS — Ethiopian Airlines has signed an eight-year sale and leaseback agreement with the regional Dutch regional aircraft lessor TrueNoord for two further factory-new Dash 8-400 aircraft.
Funding for the aircraft was provided by TrueNoord’s revolving warehouse facility underwritten by Citibank, Société Générale, and Royal Bank of Canada. Milbank represented TrueNoord and Clifford Chance represented the lenders on the financing.
Increased turboprop capacity will enable Ethiopian Airlines to boost services domestically and broaden the choice of routes across neighboring East African countries. Currently celebrating 75 years of excellence, Ethiopian Airlines has become the Continent's leading carrier. Operating at the forefront of aviation technology, the airline is also one of Ethiopia's major industries and a respected institution in Africa. A dominant force across the Pan-African network, it currently serves 127 international and 22 domestic destinations operating the newest and youngest fleet in the region.
Sustained delivery of commercially viable direct flights between domestic African destinations helps to spearhead economic progress across the continent. Ethiopian Airlines is at the forefront of such activity.
