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Etihad Airways, the national airline of the UAE, has been honored at TreasuryToday Magazine’s Adam Smith Awards 2014 for successfully implementing an “innovative sales and leaseback (SLB) transaction” worth $70 million with Jet Airways.
The awards, which are the largest corporate treasury awards program globally, take place each year to celebrate innovation and best practice, with winners for 2014 announced at a reception in London, attended by more than 200 treasury and finance professionals.
Etihad Airways was named winner of the judge’s choice award for providing a unique asset-backed lending solution to Jet Airways last year, which unlocked liquidity from the Indian airline’s three pairs of take-off and landing slots at London Heathrow airport. Jet Airways continues to utilize the slots on its passenger services between the UK capital and India.
Ricky Thirion, Etihad Airways Group treasurer, said: “We are honored to receive the judge’s choice award for last year’s sale and leaseback solution with Jet Airways, which was truly unique and innovative for both the aviation and treasury markets.
“Etihad Airways and Jet Airways are commercial partners and the agreement was beneficial to both, as no bank or third party debt was sourced and risks were mitigated due to our unique ability, as both airline partner and lender, to unlock the value of London Heathrow take-off and landing slots as security, which would not have been valuable to traditional lenders.”