The transaction is being structured as a club deal, with ANZ Investment Bank, Credit Suisse First Boston, DEPFA, Fortis Bankand Standard Chartered Bankjoining the lead arrangers. The facility will be split into two tranches, an 85 per cent export credit tranche, covered by Germany's Hermes, France's Cofaceand the UK's ECGD, and a 15 per cent commercial tranche.

The 11 aircraft - five A330-200s, four A330-300s and two A340-600s - are part of a $5,100 million deal for 32 new planes signed between QA and Airbusin June (MEED 20:6:03). In July, QA announced three financing agreements each for two of the aircraft with HSBC Bank Middle East, Credit Lyonnaisand Natexis Banques Populaires(MEED 18:7:03). QA has declined to disclose the value of any of the deals.