AerCap Holdings N.V., a global aircraft and engine leasing company, said it will receive up to $1.4 billion in financing guaranteed by the European Export Credit Agencies.
The Amsterdam-based concern said that the deal represents a significant portion of the remaining financing needed for the Airbus A330 order delivering between 2009 and 2012. The European Export Credit Agencies consist of Coface in France, ECGD in the United Kingdom, and Euler-Hermes in Germany. The loans are to be provided by a syndicate of banks led by Calyon acting as Global Arranger and are subject to customary ECA requirements.
“This transaction demonstrates AerCap’s ability to secure competitively priced long-term financing even in a very challenging market environment,” said Keith Helming, AerCap’s finance chief. He added it completes AerCap’s execution of nearly $3.4 billion of facilities during 2008.
““The support by the banking community and the export credit agencies confirms that there is strong backing for AerCap’s business model,” Helming added.
AerCap also provides aircraft management services and performs aircraft maintenance, repair and overhaul services and aircraft disassemblies.