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Tue, 11 October 2022

Brazilian Development Bank Approves Financing for Export of Six E175s to SkyWest

(11/10/22)  The Brazilian Development Bank (BNDES) has approved financing for the export of six Embraer E175 commercial jets to the north American regional carrier SkyWest Airlines.

The financing, in the order of R$670 million, will be through BNDES Exim Post-shipment, with disbursements made in Reals in Brazil in favor of Embraer.

SkyWest (importer) will assume the commitment to pay in dollars to BNDES, generating foreign currency for Brazil.

The aircraft will be delivered through the end of the year to SkyWest.

Embraer E175. Click to enlarge.
Embraer E175

This is the second financing tranche with BNDES for the sale of Embraer aircraft exports to SkyWest Airlines using the innovative Aircraft Financing Insurance Consortium (AFIC) offering from Marsh, one of the worlds leading insurance brokers and risk advisors. The first financing was executed in December 2020 in amount of R$ 400 million.

The Aircraft Non-Payment Insurance (ANPI) policy is underwritten by four international insurance groups: AXA XL, AXIS Capital, SOMPO International and Fidelis Insurance.

The ANPI policy provides that, in the event of default by the debtor, the insurers make all scheduled payments to the lender until all outstanding principal is repaid.

The AFIC insurance offering also increases the flexibility and speed of implementation of financing between the parties for buyers of Embraer aircraft.

BNDES's support for Embraer's exports began in 1997 and provides conditions of competitiveness similar to those of its international competitors, which also provide financing from the development banks and export credit agencies (Export Credit Agencies) of their respective countries.

A customer of BNDES since 1998, and of Embraer since 1986, SkyWest operates the world's largest fleet of the E175 jet consisting of 232 E175 aircraft.

BNDES, since 1998, has provided 10 different financing facilities to SkyWest covering up to 200 aircraft, comprised of 18 delivered EMB120 aircraft, 175 delivered E175 aircraft and 7 to be delivered E175 aircraft.

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