Aircraft Engine Lease Finance (AELF), a commercial aircraft lessor based in Chicago, has finalised a US$31 million loan agreement with Absa Bank Group of South Africa. The loan is secured against an Airbus A330-300 currently on lease to South African Airways (SAA), which AELF recently acquired from a consortium of major international lenders, including Deutsche Bank, Société Générale and Crédit Agricole.
The agreement forms part of AELF’s strategic expansion of its financing capabilities. Board Member Phil Scruggs highlighted the company’s ongoing efforts to diversify its funding sources by working with financing partners globally. Over the past year, the company has announced major financing deals with institutions such as Merchants Bank, Investec, and Nedbank, with Absa now joining this growing list.
Joe Cirillo, Chief Commercial Officer at AELF, noted that Absa’s involvement strengthens the company’s ability to act swiftly and decisively in securing valuable assets in the market. By working closely with a select group of lenders, AELF is better positioned to capitalise on unique investment opportunities within the aviation leasing sector.
The company continues to provide tailored aircraft leasing and financing solutions to a wide range of clients, including airlines, lessors, and financial institutions, reinforcing its reputation as a flexible and experienced industry player.
