Aeromexico will refinance two Boeing 737-800s and finance an additional aircraft through bonds guaranteed by the Export-Import Bank of the United States (Ex-Im) through the capital markets.
The Mexican carrier has priced an offering of $117.4 million of 2.537% secured notes. The notes become due on 13 July, 2025 and are payable quarterly.
Aeromexico is serving as issuer of the secured notes through a special purpose vehicle, Mexican Aircraft Finance IV.
J.P. Morgan Chase and Citigroup are joint book-running managers and structuring agents for the offering.
Aeromexico received the two refinanced 737s in June and July and will take delivery of the 737-800 financed with the offering in August.
The carrier is the first private Mexican company to fund transactions through Ex-Im guaranteed bonds on the capital markets.
"This financing structure is unprecedented among Mexican private-sector companies," says Andres Conesa, chief executive of Grupo Aeromexico in a statement. "Grupo Aeromexico is therefore one of the few players in the country to have access to such a source of funds with a highly competitive cost. The transaction also reaffirms the Ex-Im Bank's importance as a strategic partner for Aeromexico's long-term sustainable growth in the coming years."