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2010 Deal of the Year: Africa
08 March 2011
Ethiopian Airlines secures a $765 million package deal to finance five 777-200LRs.
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Ethiopian Airlines
Citi
777-200LR
New lender banks support Ethiopian Securing predelivery payments (PDPs) and second lien commercial loans is not an easy task. Ethiopian Airlines, however, secured a $765 million package deal for an Export-Import Bank guarantee, a second lien commercial loan and PDPs to finance five 777-200LRs. The airline’s credit history, profitable business plan and the lender’s relationship with the airline all contributed to sealing the deal. Citi, mandated lead arranger, lender and facility agent for the three transactions, brought together a consortium of non-aviation banks, mainly African Development Institutions (DFIs), to participate in the deal. The PDP financing, worth $75 million, was provided by Citi, Industrial and Commercial Bank of China (ICBC), Ghana International Bank, DBS Ltd, and Eastern and South African Trade and Development Bank (also known as PTA Bank). The junior loan, worth...
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