(26 Jan 2021)
Embraer has completed its first aircraft non-payment
insurance (ANPI) transaction financing the delivery of four
Embraer E175 jets to SkyWest, Inc.
The deal was supported by the Aircraft Finance
Insurance Consortium (AFIC), designed by Marsh and was
underwritten by AXIS Insurance and Sompo International. The lender
for the transaction is the Brazilian Development Bank (BNDES).
The deal is a major achievement for the
aircraft finance industry being the first AFIC-supported
transaction for regional jets, the first AFIC-supported financing
for an airline based in the United States, and the first
AFIC-supported financing for commercial aircraft funded by an
export credit agency (ECA).
AFIC´s insurance product provides additional
flexibility in financing Embraer aircraft and could be used with
ECA, bank, and capital markets funding, enhancing the possible
financing structures available for Embraer customers.
The AFIC
product improves the credit quality of aircraft finance
transactions through the use of a robust non-payment insurance
policy underwritten by investment grade-rated insurance companies.
It further reduces overall costs of financing while offering many
other benefits to Embraer customers such as flexibility of terms
and faster implementation.
“This transaction affirms the vast acceptance of
Embraer’s commercial jets by the global finance markets, making
this structure an attractive alternative for our customers”, said
Antonio Carlos Garcia, executive vice-president, Financial and
Investor Relations of Embraer. “It is a very good example of how
Embraer has been able to put in place smart and flexible customer
finance solutions, in line with the new corporate strategy for the
coming years.”
Embraer’s relationship with SkyWest dates back to
1986, when SkyWest began operating the EMB 120 Brasilia turboprop.
Since 2013, SkyWest has purchased more than 180 E175 jets.
“AFIC is very proud to have supported its first
financing of Embraer aircraft,” said Gabe Okolski, Senior Vice
President at Marsh. “We hope this transaction is the formal
beginning of a long-term relationship between AFIC and Embraer,
under which AFIC can effectively serve as an important financing
solution for Embraer’s customers.”
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