Skymark Airlines seeking up to USD637m in funds from European banks for A380 financing

Skymark Airlines reportedly plans to borrow up to JPY50 billion (USD637 million) through a syndicated loan from banks in Europe to finance the purchase of A380 aircraft, according to a report in The Nikkei. The loan is reportedly to be guaranteed by Coface, Britain's Export Credits Guarantee Department and Euler Hermes Deutschland AG The airline has already placed orders for six A380s, which it plans to use for international services from Tokyo Narita to New York and London in 2014. Total investment in the six aircraft is roughly JPY150 billion (USD1911 million), with the remainder of the funds to come from Skymark's own cash reserves.