Drawdown and Repayment of Debt Facilities

DP Aircraft I Limited

12 June 2026

 

12 June 2026

DP Aircraft I Limited

Drawdown and Repayment of Debt Facilities

The Board of DP Aircraft I Limited (the "Group") is pleased to announce that the Group has drawn down new debt facilities with a group of lenders led by Investec Bank plc ("Investec") in respect of its two Boeing 787-8 aircraft.

The new financing arrangements provides limited recourse facilities of up to US$92 million. Accordingly, the Board has approved a drawdown of US$86 million, and a further US$6 million remains available for drawdown, subject to the agreed terms and conditions.

The facilities have been utilised principally to refinance the Group's existing debt financing in respect of the aircraft, with additional amounts available to repay certain intergroup indebtedness, associated costs, shareholder loans and for general corporate purposes.

The new facilities mature in late 2034 aligning the debt maturity profile with the end of the first lease period under the Group's lease agreements with LOT Polish Airlines. The loans will amortise over their term to a final balloon repayment at maturity, which may be reduced at the option of the relevant borrowing entity. The facilities include hedging arrangements in respect of the underlying floating rate exposure. Investec will also act as agent, security trustee and hedge counterparty. The all-in financing cost, including hedging costs, has been fixed at approximately 6.9% per annum until the facilities mature in 2034.

Following expiry of the Thai leases in October and December 2026, the aircraft are expected to transfer to the Group's Irish subsidiaries and be delivered to LOT under the previously announced 12-year lease agreements. In accordance with the terms of the new financing arrangements, the facilities have been drawn down by the Guernsey subsidiaries. Following the transfer of the aircraft to the Group's Irish subsidiaries upon commencement of the LOT leases, the related borrower positions will migrate to those Irish subsidiaries.

The Board strongly believes that drawdown of these facilities has materially strengthened the Group's capital structure by refinancing its existing indebtedness ahead of maturity and aligning financing with the long-term LOT lease profile. Accordingly, following the successful drawdown of these facilities, the Board will consider the options available to the Group with the objective of maximising returns for shareholders.

Enquiries

For further information, please contact:

Aztec Financial Services (Guernsey) Limited              [phone]

James Lucas

Investec Bank plc                                                         [phone]

David Yovichic / Denis Flanagan

Barclays Bank PLC                                                     [phone]

Dion Di Miceli / James Atkinson

 

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