REG - DP Aircraft I Ltd - Refinancing of Existing Debt Facilities

DP Aircraft IAnnouncement

08/05/2026 14:15

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RNS Number : 6554D  DP Aircraft I Limited  08 May 2026

8 May 2026

DP Aircraft I Limited

 

Refinancing of Existing Debt Facilities

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

 

Under the new arrangements, separate limited recourse facilities of up to
US$46 million per aircraft have been made available for MSN 35320 and MSN
36110. The facilities are expected to be drawn initially during May or June
2026 and will be used principally to refinance the Group's existing debt
financing in respect of the aircraft, with additional amounts available to
repay certain intergroup indebtedness and associated costs and for general
corporate purposes. The facilities also provide for an optional second
drawdown, subject to the agreed terms and conditions.

 

The new facilities mature in December 2034 in respect of MSN 35320 and October
2034 in respect of MSN 36110, aligning the debt maturity profile with the end
of the first rent 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 initial drawdowns will refinance the Group's existing aircraft financings,
which were otherwise due to mature in October 2026 and December 2026 broadly
alongside expiry of the current Thai Airways leases. As previously announced,
following expiry of those leases the aircraft are expected to transfer to the
Group's Irish subsidiaries and be delivered to LOT under the previously
announced 12-year lease arrangements. Under the new financing structure, the
facilities will initially be made available to DP Aircraft Guernsey III
Limited in respect of MSN 35320 and DP Aircraft Guernsey IV Limited in respect
of MSN 36110 and, following the transfer of the aircraft to the Group's Irish
subsidiaries in connection with commencement of the LOT leases, the related
borrowing positions are expected to transfer to those Irish subsidiaries.

 

The Board believes that the new facilities materially strengthen the Group's
capital structure by refinancing its existing indebtedness ahead of maturity
and aligning financing with the long-term LOT lease profile. Further details
of the financing costs will be announced following drawdown, once the
applicable hedging arrangements have been fixed.

 

 

Enquiries

For further information, please contact:

 

Aztec Financial Services (Guernsey) Limited             +44(0)
1481 748833

Chris Copperwaite

 

Investec Bank
plc
             +44(0) 20 7597 4000

David Yovichic/Denis Flanagan

 

Barclays Bank
PLC
+44(0) 20 7623 2323

Dion Di Miceli / James Atkinson

 

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