British Airways plc, subsidiary of International Airlines Group priced the first British EETC and first modern EETC to incorporate Jolco tax equity.

The $927 million privately issued EETC, priced yesterday, is understood to be the first to be structured under English law and is secured against 14 aircraft. The deal launched after a week of non-deal investor meetings/calls in Europe, the US, and Asia.

The Class A Certificates priced at 4.625% and the Class B Certificates priced at 5.625%. The deal is secured against six A320s, six 787-8s and two 777-300ERs that are expected to be delivered between June 2013 and June 2014.

The deal is split between two tranche including a $721.610 million class A tranche which has a 11-year tenor, a 7.9-year weighted average life (WAL) and a 55.2% initial loan to value (LTV).

The $205.372 million class B has a seven-year tenor, a 4.2-year WAL, and a 70.6% initial/max LTV.

The A certificates were rated Baa1/A/A and secured a 4.625% coupon while the class B were rated Ba1/BBB/BBB- and secured a 5.625% coupon.

Citi is the lead structuring agent, lead bookrunner and global coordinator on the deal while Deutsche Bank, HSBC and Morgan Stanley are the joint active bookrunners.

The deal has an 18-month liquidity facility provided by Helaba.

Millbank is acting as advisor to the underwriters and Allen and Overy are the legal advisers to the issuer.