Ex-Im receives 787 financing request from a Chinese airline

Source: Flightglobal.com
This story is sourced from Flightglobal.com

An unidentified Chinese airline has submitted an application with the US Export-Import Bank for a loan guarantee in "excess of $200 million" to support the financing of a Boeing 787 aircraft.

"The specific amount of the loan guarantee, the value of the transaction, and the amount of new foreign production capacity are not included because they are proprietary information," according to Ex-Im's minutes about the financing request.

According to Flightglobal's Ascend Online database, Chinese airlines have 32 787s on order. China Southern Airlines has eight aircraft on order with six delivering this year, while Hainan Airlines has nine units on order with four 787s delivering by year-end. Air China has orders for 15 787s, but deliveries do not commence until 2015.

Separately, in March, China Southern Airlines further diversified its financing sources on its A380 fleet through a sale and leaseback deal with ICBC Leasing.The aircraft (MSN 120) is equipped with Rolls Royce Trent 970-84 engines.

It was delivered to China Southern on 28 February and immediately sold and leased back to ICBC Leasing, Ascend's database shows.

On its previous A380 deliveries, the carrier secured a 10-year loan facilities with Bank of China as well as a loan from JP Morgan.