Ryanair completes $1.5bn fleet financing

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Irish low-cost carrier Ryanair has completed a $1.5 billion financing covering 55 aircraft which will meet its aircraft deliveries running until the end of September 2010.

Speaking during a first-quarter results press conference in London today, Ryanair chief financial officer Howard Millar said the carrier had secured a low-cost aircraft financing package with a consortium comprising three well-known international banks.

He would not be drawn on the identity of the banks involved.

Millar says the deal shows the strength of the carrier's ability to secure the financing during the difficult conditions, adding: "I will say it's been the most difficult financing I have had to do in the last 17 years."

At the end of June the carrier's fleet included 196 Boeing 737-800s with another 116 on firm order. Ryanair's fleet will increase to 292, net of disposals, by the end of March 2012.