Data: Helicopter and business jet export credit deal survey
Helicopters and business jets worth well over $1 billion have been financed by export credit agencies like the Export-Import Bank of the US, Export Development Canada and BNDES.
Our data lists every deal since January 2009 with borrowers including Flight Options, Lider Aviaco, Aerolineas Ejectutivas, Cessna Finance, VistaJet, L&T Aviation, Bell Helicopter and others.
Helicopters and business jets worth well over $1 billion have been financed by export credit agencies like the Export-Import Bank of the US, Export Development Canada and BNDES.
Our data lists every deal since January 2009 with borrowers including Flight Options, Lider Aviaco, Aerolineas Ejectutivas, Cessna Finance, VistaJet, L&T Aviation, Bell Helicopter and others.
The Export-Import Bank of the United States (Ex-Im) has been financing business jet and helicopter exports for over 10 years. However, it has just been a very small part of the bank’s lending particularly compared with commercial aircraft support.
One of the problems for business jet and helicopter borrowers and export credit agencies is the smaller deal size typically associated with these deals. It takes a similar amount of time to structure a $10 million helicopter deal as it does to finance a $200 million aircraft for an airline.
US Ex-Im is keen to increase its support in this market. In 2009, business jet manufacturers went to Washington to encourage it to lend and the rise in guarantees from 2008 to 2010 reflects this (and the 2011 figures only run to mid-July).
Export credit guarantees for business jets and helicopters 2007-mid 2011
The UK’s ECGD – which could support both Hawker Beechcraft and Bombardier products – and France’s Coface – which could support Dassault – have not been particularly active in this market.
Brazil’s Banco Nacional de Desenvolvimento Econômico e Social (BNDES) is also keen to support Embraer. It closed its first business jet deal in 2010 and provided $167 million for Flight Options in 2011.
Export credit guarantees for business jets and helicopters 2002-mid 2011
Borrower | Type | Country | Agency | Amount | Exporter | Asset | Arranger/ lender | Term (years) | Date |
2011 | |||||||||
Lider Aviacao (formerly Lider Taxi) | Op | Brazil | Ex-Im | 18 | Sikorsky Aircraft | S-92 | Private Export Funding Corp (Pefco) | 10 | Jul 11 |
Flight Options | Op | US | BNDES | 167 | Embraer | 20 Phenom 300s | Brazilian Ministry of Finance | 10 | Jul 11 |
Aerolineas Ejecutivas | Op | Mexico | Ex-Im | Hawker Beechcraft | UPS Capital Business Credit | 9.5 | May 11 | ||
Aerolineas Ejecutivas | Op | Mexico | Ex-Im | Hawker Beechcraft | UPS Capital Business Credit | 10 | May 11 | ||
2010 | |||||||||
Cessna Finance | Man | US | Ex-Im | 500 | Cessna, Bell | Various | PNC Bank | 5 | Nov 10 |
VistaJet | Op | Switz | Ex-Im | Bombardier | Natixis | 10 | Nov 10 | ||
Al Habtoor Group | Corp | UAE | BNDES | 35 | Embraer | Lineage 1000 | Brazilian Ministry of Finance | ||
Servicios Aereos Nacionales (Grupo Taca) | Op | El Salvador | Ex-Im | 0.8 | Cessna | Cessna Grand Caravan aircraft | Private Export Funding Corp (Pefco), UPS Capital Business Credit | Oct 10 | |
L&T Aviation Services | Op | India | Ex-Im | 14.4 | Hawker Beechcraft | TD Securities | 10 | Oct 10 | |
Heli-One Leasing | Op | Canada | Ex-Im | 0.25 | Sikorsky, Keystone Helicopter | Exim | 10 | Mar 09 (increase) 3.13% interest | |
Ciner Hava Tasimacili | Corp | Turkey | Ex-Im | 33 | Gulfstream | TD Securities | 10 | Aug 10 | |
Textron Financial Corporation | Man | US | Ex-Im | 100-200 | Bell Helicopter Textron Canada | EDC | Jun 10 | ||
Lider Taxi Aero | Op | Brazil | Ex-Im | 27 | Sikorsky, Aviation Logistics, Hawker Beechcraft | Private Export Funding Corp (Pefco) | 9.75 | May 10 | |
VIH Aviation Group | Op | Canada | EDC | 25-30 | VIH Aviation Group | Helicopters | EDC | Apr 10 | |
Trinidad & Tobago Air Guard | Gov | Trinidad & Tobago | Ex-Im | 0.47 | Augusta Westland, Honeywell, | BNP Paribas (increase to facility) | 10 | Mar 10 | |
Vector Aerospace | Main | South Africa | EDC | 1-5 | Pratt & Whitney Canada | Engine spares | EDC | Mar 10 | |
CAF Aviation | Main | US | EDC | 1-5 | CAF Aviation (now GAL Aviation) | Interiors | Banque Laurentienne
| Mar 10 | |
VIH Aviation Group | Op | Canada | EDC | 5-15 | VIH Aviation Group | Helicopter | EDC | Mar 10 | |
Textron (via US Ex-Im) | Man | Mexico | EDC | 1 | Bell Canada | Bell Helicopter | EDC | Feb 10 | |
2009 | |||||||||
Dogus Holdings | Corp | Turkey | Ex-Im | 32.6 | Gulfstream | HSBC,
| Oct 09 3.43% interest rate | ||
Air Methods Corporation | Op | Various | EDC | 5 | Bell Helicopter Canada | EDC | Sep 09 | ||
Hindustan Construction Company | Corp | India | Ex-Im | 19.7 | Hawker Beechcraft | TD Securities | 10 | Sep 09 | |
Hindustan Construction Company | Corp | India | EDC | Pratt & Whitney Canada | TD Secutiries | 10 | Sep 09 | ||
Trinidad & Tobago Air Guard | Gov | Trinidad & Tobago | Ex-Im | Augusta Westland, Honeywell, | BNP Paribas | 10 | Aug 09 | ||
Trinidad & Tobago Air Guard | Gov | Trinidad & Tobago | Sace | Augusta Westland | BNP Paribas | 10 | Aug 09 | ||
Embraer | Man | Brazil | EDC | 50-100 | Pratt & Whitney Canada | Engines, parts and services | EDC | Jul 09 | |
PT Travira Air | Op | Indonesia | Ex-Im | 19.5 | Sikorsky, Keystone Helicopter | HSBC | 5 | Jun 09 (2.865) | |
Cessna Finance Corp | Man | US | Ex-Im | 500 | Various | Ex-Im | 5 | May 09 (3.81%) | |
National Private Air Transport Services Company (NAS) | Op | Saudi Arabia | ECGD | 2.5 | Hawker Beechcraft | Counter cover to Exim | May 09 | ||
National Private Air Transport Services Company (NAS) | Op | Saudi Arabia | ECGD | 4.5 | Hawker Beechcraft | Counter cover to Exim | May 09 | ||
National Helicopter Services | Op | Trinidad & Tobago | Ex-Im | 8.7 | Sikorsky, Keystone | HSBC | 10 | May 09 | |
2008 | |||||||||
National Private Air Transport Services Company (NAS) | Op | Saudi Arabia | Ex-Im
| 61 | Hawker Beechcraft | 6 x Hawker 750s | Arab Banking Corporation | 7 | Dec 08 |
Aerolineas Ejecutivas | Op | Mexico | Ex-Im | 2.2 | Hawker Beechcraft | UPS Capital Business Credit | 7 | Dec 08 | |
Servicios Aereos Nacionales (Grupo Taca) | Op | El Salvador | Ex-Im | 20.5 | Cessna | Cessna Grand Caravan aircraft | Private Export Funding Corp (Pefco), UPS Capital Business Credit | Nov 08 – Nov 09 | |
Lider Taxi Aereo | Op | Brazil | Ex-Im | 11.8 | Sikorsky | Helicopters | 8 | Feb 08 (083.980%) | |
Aeroservicios Especializados | Op | Mexico | Ex-Im | 39.4 | Sikorsky | Helicopters | Private Export Funding Corp (Pefco), | Jun 08 | |
Aerolineas Ejecutivas | Op | Mexico | Ex-Im | 17 | Hawker Beechcraft | UPS Capital | 7 | Aug 08 | |
Endstrom | Mexico | Ex-Im | Rolls-Royce NA | Helicopter | 7 | May 08 | |||
2007-2002 | |||||||||
National Air Service (NAS) | Op | Saudi Arabia | Ex-Im | 7.8 | Gulfstream | Mar 07 | |||
Aerolineas Ejecutivas | Op | Mexico | Ex-Im | 19 | Hawker Beechcraft | Citigroup | 7 | Feb 06 | |
Lider Taxi Aero | Op | Brazil | Ex-Im | 40 | Sikorsky | Helicopters | 7 | Feb 06 (5.01%) | |
National Air Service (NAS) | Op | Saudi Arabia | Ex-Im | 71 | Gulfstream | Arab Banking Corporation | 7 | Sep 05 | |
Lider Taxi Aero | Op | Brazil | Ex-Im | 58 | Sikorsky | Helicopters | Aug 04 (3.79%) | ||
National Air Service (NAS) | Op | Saudi Arabia | Ex-Im | 70 | Gulfstream | Arab Banking Corporation | 7 | Dec 03 | |
Bahrain Royal Flight/Ministry of Defense | Gov | Bahrain | Ex-Im | 108 | Boeing | 747 | Private Export Funding Corp (Pefco) | 11.5 | Sep 03 |
Ministry of Finance | Gov | Indonesia | Ex-Im | 14.5 | Enstrom Helicopter | Helicopters | 7 | Sep 03 | |
Secretariado Tecnico de la Presidencia | Gov | Dominican Republic | Ex-Im | 65 | US Helicopter, R.O. & G. International | Helicopter parts and training | SunTrust | 10 | Dec 02 |
Aerolineas Ejecutivas | Op | Mexico | Ex-Im | 7 | Hawker Beechcraft | Beechcraft 500 | PNC | 7 | Aug 02 |
Source: Corporate Jet Investor
Op = business jet or helicopter operator, including air taxi and fractional
Man = engine or aircraft manufacturer
Maint = maintenance or interiors company
Gov = government borrower