VTB Bank, based in Austria, is serving as both lender and ECA facility agent to finance a purchase of new planes by Turkish airline Gunes Ekspress Havacılık A.S., also known as SunExpress.
The financing deal, guaranteed by SACE, will last 10 years and was used to buy three new Boeing planes, according to a press release on the VTB website. This is the first loan backed by SACE for a new agreement with Boeing, which will also open doors to future projects.
SunExpress, with locations in Antalya and Frankfurt, is a partnership between Lufthansa and Turkish Airlines. In 2015, SunExpress served more than 8 million passengers, according to a press release. Its network reaches 115 locations in Europe, Turkey, Northern Africa and the Middle East.