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Caja Madrid and RBS have been mandated jointly to arrange a $380 million Spanish tax lease (SOL) for Iberia's three A340-600s, which are delivering in February, March and April.
This is a repeat of Iberia's first SOL, which closed in September, but this time ING and WestLB have been brought in as debt providers. ING and WestLB are putting in $100 million each, with RBS and Caja providing the remainder. Caja Madrid is the sole equity supplier of $80 million.
The loan priced at 56 basis points and the deal generated a net present value benefit of 6.5%. "This was better than the previous deal because there was so much liquidity," says Jorge Otero Rodriguez, head of finance at Iberia. "We had a lot of interest from a number of financial...