Philippine Airlines (PAL) has agreed to lease two Airbus A350-900s (MSNs 221 and 228) under a sale and leaseback transaction from SMBC Aviation Capital.
The deal includes the financing of the pre-delivery payments to Airbus.
"PDP (Pre Delivery Payments) is a financing product which only a few lessors can provide and was a key advantage for SMBC in this deal," a spokesperson for the company tells Airfinance Journal.
The aircraft, which will be the first of its type to be added to the PAL fleet, are scheduled for delivery in 2018 and will be fitted with Rolls Royce Trent XWB-84 engines.
Clifford Chance, Walkers and SyCip Salazar Hernandez & Gatmaitan advised SMBC.
