GECAS and Novus Announce Senior and Mezzanine Debt Financing Agreement with Philippine Airlines

Jun 28, 2018

SHANNON, Ireland, June 28, 2018 -- GECAS, the commercial aircraft leasing arm of GE, together with Novus Aviation Capital, a Dubai-based aircraft leasing and financing company, today announced a debt financing agreement with Philippine Airlines (PAL). PK AirFinance, a GECAS company, will provide senior debt for the acquisition of four (4) 2018 Airbus A321-200neos, while Novus’ Tamweel Aviation Finance, a junior debt fund dedicated to the financing of Airbus aircraft, will extend a mezzanine loan for each aircraft.

The loan will finance PAL’s acquisition of the aircraft and spare engine, part of the airline’s strategy to grow its medium-range routes while modernizing its fleet. The first aircraft was delivered in May with the remaining three scheduled to deliver before the end of 2018.

“PK AirFinance has enjoyed long-standing relationships with both Philippine Airlines and Novus,” said Shinji Sato, Executive Manager - PK AirFinance Japan. “The opportunity to work with Novus to support PAL’s growth strategy is a natural extension to our relationship.”

“A strong fleet and strong partnerships are necessary building blocks for a 4-Star Global Airline,” said Jaime J. Bautista, President of Philippine Airlines. “We are glad to partner with PK AirFinance and Novus Aviation Capital in our acquisition of Airbus A321-200neos, and we welcome their support as we forge ahead with our network expansion program.”

“We are delighted to complete this transaction with both PAL and PK AirFinance. The combination of asset type and stakeholders involved in this transaction makes it appealing for both Novus and Tamweel Aviation Finance, one of the industry’s leading mezzanine loan provider. This deal is a true testament to the ability of the Novus platform to provide both operating and finance lease solutions to its airline customers,” said Hani Kuzbari, Managing Director at Novus Aviation Capital. “This debt structure is an attractive value proposition and we look forward to replicating this with both PK AirFinance and PAL on future transactions.”


About Philippine Airlines

Philippine Airlines is the flag carrier of the Philippines and, at 77 years of service, the oldest operating airline in Asia. With a fleet of 86 aircraft, including Boeing 777s, Airbus A330s, Airbus A321s, Bombardier Q400 Next Generation aircraft, PAL operates hub networks from Manila, Clark, Cebu and Davao to 42 destinations in Asia, North America, Europe, the Middle East and Australasia, as well as 33 destinations in the Philippines. The Philippines’ only full-service network airline, Philippine Airlines recently gained Skytrax certification as a 4-Star Global Airline and will take delivery of new Airbus A350-900 and additional Airbus A321 NEO aircraft in 2018.

PAL Media Contact

Jose E. L. Perez de Tagle (Mr.)

Vice President, Corporate Communications

Philippine Airlines, Inc.

Tel: +63 2777 5995


About Novus Aviation Capital

With 24 years of aircraft leasing, financing and trading experience, Dubai-based Novus is one of the world’s fastest-growing aircraft leasing financing platforms in the world. Operating globally out of five offices in Europe, Asia and the Middle East, the company has an aircraft portfolio under the management of around 50 aircraft worth nearly $4 billion.



GE Capital Aviation Services (GECAS) is a world leader in aviation leasing and financing. With 50 years of aviation finance experience, GECAS offers a wide range of aircraft types including narrow-bodies, wide-bodies, regional jets, turboprops, freighters and helicopters, plus multiple financing products and services including operating leases, purchase/leasebacks, secured debt financing, capital markets, engine leasing, and airframe parts management. GECAS owns or services a fleet of nearly 2,000 aircraft (1,631 fixed wing/ 333 rotary wing) in operation or on order, plus provides loans collateralized on an additional ~330 aircraft. GECAS serves ~250 customers in over 75 countries from a network of 25 offices.

About PK AirFinance

PK AirFinance (, a GECAS Company, is a leading provider and arranger of asset-based financing of commercial aircraft serving airlines, aircraft traders, lessors, investors, financial institutions and manufacturers worldwide. GECAS is a world leader in aviation leasing and financing with 50 years of experience.

GECAS Media Contact:                                   

James Luton

+1 203 842 5887