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BOC Aviation mandates Citigroup to arrange fleet financing gaurantees

9-Oct-2009 8:37 AM

BOC Aviation mandated (08-Oct-2009) Citigroup to arrange financing guaranteed by the European Export Credit Agencies (ECAs) and US Export-Import Bank of up to USD301 million and USD296 million, respectively. Financing for the facility guaranteed by the European ECAs (Coface of France, Euler Hermes of Germany and the UK Export Credits Guarantee Department) will be provided by Citigroup and will cover eight A320 family aircraft delivering from Oct-2009 through to Mar-2010. Similarly, Citi will be providing the financing for the facility guaranteed by the US Ex-Im Bank. Deliveries of the eight B737NG aircraft under this facility will commence from Oct-2009 through to Feb-2010. BOC Aviation will have the option to replace the initial financing with an Ex-Im Bank guaranteed capital markets issue at a later date if market conditions are attractive. [more]