SkyWest secures financing for six additional Embraer E175 and reaches 200 Embraer aircraft milestone
Embraer announced on October 11 that the Brazilian Development Bank (BNDES) approved financing for the export of six Embraer E175 commercial jets to the north American regional carrier SkyWest Airlines, Inc. (SkyWest).
The financing, in the order of R$670 million -US 128,450 million-, will be through BNDES Exim Post-shipment, with disbursements made in Brazil’s local currency in favor of Embraer. SkyWest (importer) will assume the commitment to pay in dollars to BNDES, generating foreign currency for Brazil.
Brazilian BNDES is a key instrument for Embraer: it has helped finance sales globally, securing orders for continental and transcontinental customers such as Argentina’s Austral Lineas Aéreas, which acquired 24 E190 in April 2010.
A customer of BNDES since 1998, and of Embraer since 1986, SkyWest operates the world’s largest fleet of the E175 jet consisting of 232 E175 aircraft. BNDES, since 1998, has provided ten different financing facilities to SkyWest covering up to two hundred aircraft, comprised of eighteen delivered EMB120 aircraft, 175 delivered E175 aircraft and 7 to be delivered E175 aircraft.
This is the second financing tranche with BNDES for the sale of Embraer aircraft exports to SkyWest Airlines using the innovative Aircraft Financing Insurance Consortium (AFIC) offering from Marsh, the world’s leading insurance broker and risk advisor. The first financing was executed in December 2020 in amount of R$ 400 million, or US 77 million.
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