Irish airline ASL Aviation raises €100 million

Irish airline ASL Aviation is raising €100 million from two banks to fund ongoing expansion at the group.

ASL said on Friday that it is borrowing a total of $110 million (€101 million) from BNP Paribas and Lloyds Bank Commercial to fund current growth plans.

Under the deal’s terms, BNP will provide $60 million through its Paris and Brussels offices while the Birmingham branch of Lloyds will provide the balance.

ASL’s group chief financial officer, Mark O’Kelly, saidthat the funding would aid its growth strategy.

“We look forward to building on this and the already excellent relationships we have with both banks as the group continues to consolidate and grow,” he added.

BNP Paribas Fortis client director, Guy Haesevoets, said that the bank's aviation finance team co-ordinated the deal.

Lloyds Bank relationship director, Mark Lewis, said that the cash would give ASL easy access to working capital to take advantage of emerging growht opportunties.

Swords, Co Dublin-based ASL focuses on three business areas, passenger and cargo transport, aviation support services, and aircraft leasing. It employs 1,600 staff.