First Export Credit deal closed for a “home” airline

Air France has closed an export credit agency-backed financing for one A380 (msn 64). The ECA-deal is combined with a French tax lease. The initial delivery took place in June 2011 when Credit Agricole-CIB arranged a French Lease financing combined with a bridge commercial loan as the ECA application was in progress. The ECA negotiations were rather long although this possibly reflects the inexperience of the airline in structuring export credit-backed financings. Germany’s Euler Hermes and the UK Export Credit Guarantee Department supported the deal. The bridge commercial loan, 100% underwritten by CA-CIB, was fully repaid on December 21 by