Garuda closes EDC financing on final CRJ1000

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Garuda Indonesia financed its last Bombardier CRJ1000 unit from its order book with the Canadian manufacturer through its July 2012 Export Development Canada’s $135 million loan facility.

The aircraft (MSN 19040) was delivered at the end of last month and is the final of a six-aircraft package with the Canadian financier.

The term loan is 10 years and under the agreement Garuda is required to confirm in advance the applicable interest rate (fixed and floating) to be used upon delivery of the aircraft.

Garuda selected the fixed rate option on the first four CRJ1000s and the floating rate on the fifth delivery.

The carrier has yet to elect whether financing will be under a fixed or floating rate as the first instalment is not due before 20 September.

No security deposit was issued for this financing. At 30 June, 2014 the outstanding balance amounted to $123.3 million.