ASL Aviation Group has completed a new $110 million funding agreement aimed at assisting the company’s ongoing growth and expansion plans.

The funding facility is a two-bank club deal providing a bespoke asset-finance facility. BNP Paribas coordinated the transaction and through its Paris & Brussels offices is providing $60 million. The Birmingham, UK office of Lloyds Bank Commercial Banking is providing $50 million.

The facility builds on the strong existing relationship ASL Aviation Group has with both institutions and further enhances ASL’s ability to remain at the forefront of its business.

ASL Group chief financial officer Mark O’Kelly said the new agreement is a “welcome development that underlines ASL’s reputation as market leader in our sector”.

“Initially the funding will assist our platform for growth strategy and we look forward to building on this and on the already excellent relationships we have with both banks as the Group continues to consolidate and grow”, said O’Kelly.

Guy Haesevoets, Client Director at BNP Paribas Fortis, said: “BNP Paribas has been supporting ASL Aviation for many years in the funding of their growth strategy with the financing of acquisitions in France and Switzerland. This aircraft finance deal that was structured and coordinated by BNPP’s Aviation Finance Team, will provide ASL with additional means to further develop its business worldwide.”

ASL Aviation Group is a global aviation services provider with activities centred on three core business areas; passenger and cargo air transport, aviation support services and aircraft leasing.