AerCap locks in ECA financing for six Airbus aircraft
AerCap has secured financing from the European Export Credit Agencies (ECAs) for the purchase of six Airbus aircraft.
The deal, which was arranged in two tranches, was led by the Export Credits Guarantee Department (ECGD) - the UK's ECA. AerCap said that the first transaction increased its European ECA facility by $164m and enabled the purchase of five A320 aircraft, of which three have been delivered on long-term leases. Credit Agricole CIB provided the ECA guaranteed debt. The second transaction, which was secured September 20, 2010, completed the refinancing of an A330-300, which was previously financed by ECA-guaranteed debt, and is now on long-term lease having been delivered to AerCap in late 2009. The notes were issued at a fixed rate of 3.22 per cent and mature in 2021; initial principal was $74m.
