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Qantas raising A$350 million in loan, allows switching aircraft types used as collateral

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Anshuman Daga

SINGAPORE (Reuters) - Qantas Airways is raising A$350 million ($272 million) from a loan that allows it to switch the types of aircraft used as collateral, in what bankers and analysts said is the world’s first aviation financing of this type.

The loan is the first of a series under a loan facility program set up by the Australian airline, which reported near-record profits in the year to June.

The security for each loan includes a pool of Qantas planes that have not been pledged as collateral, including Airbus SE A320 family and Boeing Co 737 narrowbodies as well as A330 and 787 widebodies, a term sheet of the deal reviewed by Reuters shows.

“It also gives us more flexibility in terms of what aircraft are encumbered, allowing us to change the aircraft depending on possible fleet changes or future plans,” a Qantas spokesman said in response to a query from Reuters.

BNP Paribas is the sole structuring bank and, with National Australia Bank, is the joint mandated lead arranger and bookrunner.

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