Dubai: Union National Bank (UNB) said on Tuesday it has successfully completed a 12-year aircraft financing term loan facility for the acquisition of an Airbus A380 aircraft by Baz Aircraft Leasing One.

UNB acted as mandated lead arranger for the transaction. The aircraft is leased to Etihad Airways.

The loan facility is part of a financing package to Etihad for the sale and leaseback of two Airbus A380s. The financing package also included a seven-year standby letter of credit facility by UNB in relation to the aircraft.