First export credit financing for the SSJ100
February 10th, 2014
The first ever export credit financing package for the Sukhoi Superjet 100 was completed in December 2013 at delivery of the fourth out of twenty Sukhoi Superjet 100 (SSJ100) regional jets ordered by the Mexican airline Interjet. The aircraft was financed through a multilateral export credit guaranteed by Coface, SACE and VEB for the French, Italian and Russian partners, respectively.
It represents one of the first financing transactions wholly guaranteed by Coface, the French export credit agency (ECA), for a regional aircraft.
It is a first also for SACE acting as a direct guarantor for an aircraft with a 100% guarantee. At the same time, it is also a first for the Russian government, as VEB financed the Russian part in collaboration with the French and Italian export credit agencies and following OECD international rules for aircraft export credit financing.
“This first ECA financing was a major international landmark in our industry – said Nazario Cauceglia, CEO of SuperJet international – and our collaboration with PowerJet and its parent company Snecma (Safran) was invaluable. I am sure it will allow a vital boost for future international sales of the SSJ100. Offering our customers not just the most efficient aircraft in its class, but also a competitive financial package, is key factor to the success of this new program.”
Claude Poulain, CEO of PowerJet, SaM146 engine’s manufacturer, added: “Along with SuperJet International, we are delighted with the success of this first export credit financing. It reflects the governments’ strong support for their industries, and their confidence in this new regional aircraft program.”
This export credit financing is the result of years of active cooperation between governments, banks and manufacturers to develop a customer financing package that meets the most demanding international standards and is now available for the future SSJ100 customers.
Three Sukhoi Superjet 100 aircraft developed and built by Sukhoi Civil Aircraft Company, in partnership with Alenia Aermacchi, delivered in 2013, are being refinanced through this tripartite export credit structure. In the meantime, on February 2, 2014 the fifth SSJ100, financed through this credit too, has been successfully delivered to Interjet in Mexico.