NTF closes first pure cover Brazilian export credit financing

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

Natixis Transport Finance has closed financing on a new Embraer 190 delivery to Nas Air with 100% cover through the Brazilian Export Credit Insurance Agency as announced by CAO on 5 January.

The French bank the aircraft acted as the mandated lead arranger of this first aircraft financed by the structure. This is the first guaranteed Brazilian export credit transaction signed with a foreign commercial bank. All legal support of the transaction was given by Clifford Chance.

The aircraft, MSN 367, was delivered to Saudi Arabia's budget airline Nasair last December.

Embraer says that under the terms of the transaction, the lender benefits from a 100% guarantee of the Guardian Authority issued by the Secretary of Foreign Affairs (SAIN), from the Brazilian Finance Ministry, through the Brazilian Export Credit Insurance Agency (SBCE), which manages the export credit guarantee system on behalf of the Brazilian Government.

"This financing structure will further enhance the credit available to Embraer customers, since it increases access to international financing institutions, as well as to a broader range of investors in capital markets. We welcome Natixis, a major player in aircraft financing, and congratulate them for the very first export transaction guaranteed by the Brazilian Government," says Paulo César de Souza e Silva, Embraer's EVP airline market.