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Arik Air – ECA-backed bridge financing
23 March 2009
Afrexim and HSBC lead flight to quality
Read more:
Aircraft
ECA
Arik Air
Coface
Euler Hermes
ECGD
US Ex-Im
Airbus
Boeing
This transaction is an excellent example of the flexible financing package an export credit agency can deliver for a known credit. The $106 million bridge financing for Arik Air, the privately-owned Nigerian airline, arranged by HSBC and African Export-Import Bank (Afreximbank) stands out as being the largest bridge financing for an ECA-covered transaction to date in Nigeria. The final loan was not only a landmark ECA bridge financing in its own right but also set a benchmark for structuring such deals in Nigeria and other parts of Africa.
The borrower required the funding as part of its general fleet expansion plans to purchase one new Airbus...
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