Ethiopian prices $195m Ex-Im bond

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Ethiopian Airlines has returned to the capital markets to finance a pair of Boeing 787 deliveries, said market sources.

The company sold $195.14 million of notes guaranteed by the Export-Import Bank (Ex-Im) of the United States.

The carrier launched a 12-year bond, that priced at 2.646% equivalent to mid-swaps plus 65 basis points.

J.P. Morgan was the sole bookrunning manager in the transaction.

The transaction follows the issuance of a $362 million Ex-Im backed notes in four tranches two years ago. At the time each tranche priced between 1.5% and 1.53% equivalent to a spread of 55 basis points.

In May Ethiopian announced a $500 million finance agreement with ICBC Leasing in which the Chinese lessor agreed to provide financing structures in the form of finance leases, sale and leasebacks, commercial loans or operating leases.