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Biman looking for $300 million loan to purchase 787 Dreamliner

  • Published at 05:39 pm December 9th, 2017
Biman looking for $300 million loan to purchase 787 Dreamliner
National flag carrier Biman Bangladesh Airlines has plans to add two Boeing 787 Dreamliner aircraft to its fleet by November 2018. In pursuit of this goal, Biman issued a “Request for Proposal” (RFP) on November 29 for loans to finance the purchase. Biman invited the RFP from reputed banks or financial institutions with experience of arranging and funding aircraft loans for the financing of the two Dreamliner aircraft, scheduled to be delivered in August 2018 and November 2018. The proposals are required to be submitted by interested parties within January 28, 2018. It splits the loan arrangements into two categories - senior loan and junior loan. The financing shall be in US Dollars for a term of at least 144 months with quarterly payments of principal and interest for up to $250 million. The aggregate amount of financing will be 80% or $250 million. This is the senior loan. The junior loan has been set at 20% of the total amount, i.e. $50 million. The tenure of this loan will be at least sixty months. As per the purchase agreement with Boeing, pre-delivery payment (PDP) of approximately $136.28 million has already been paid to Boeing the for two 787-8 aircraft supported by Sovereign Guarantee. Biman also wants to add two more Boeing aircrafts by the last quarter of 2019. The Boeing 787 Dreamliner is a long-range, mid-size, wide-body, twin-engine jet airliner developed by Boeing Commercial Airplanes. Its variants seat 242 to 335 passengers in typical 3-class seating configurations. It is Boeing's most fuel-efficient airliner pressed into commercial flight service in late 2011 and the world's first major airliner to use composite materials as the primary material in the construction of its airframe. The 787 has been designed to be 20% fuel efficient than the 767 it is to replace. The 787 Dreamliner's distinguishing features include mostly electrical flight systems, a four-panel windshield, noise-reducing chevrons on its engine nacelles, and a smoother nose contour. It shares a common type rating with the larger Boeing 777, allowing qualified pilots to operate both models, due to related design features. Currently, Biman has a 13-craft fleet which includes - four 777-300ER, two 777-200ER, one A330-200, four 737-800 and two Dash8-Q400 aircraft.
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