FARNBOROUGH, UNITED KINGDOM--(Marketwired - July 14, 2014) - Customers of Bombardier's new single-aisle CSeries family of aircraft could benefit from a new milestone financing partnership announced today at the Farnborough International Air Show in England, United Kingdom.
Export Development Canada (EDC), Canada's commercially-minded export finance agency, UK Export Finance (UKEF), the United Kingdom's export credit agency, and Investissement Quebec (IQ), Quebec's economic development corporation, have jointly developed a working model for partnered financing of customers of the CSeries aircraft. Other counties may elect to participate in the future.
The group will actively look for opportunities to work together to provide financing solutions for CSeries customers among the world's commercial airlines and lessors.
"EDC's extensive experience financing Bombardier's successful regional jets provided valuable lessons that are informing our approach for the all-new CSeries aircraft program," said Carl Burlock, Senior Vice-President, Financing and Investments. "Working with UKEF and IQ will provide greater financing capacity that could allow us to finance more CSeries aircraft with a greater number of airlines."
The partnership is built around the globally-integrated production of CSeries aircraft, with the Governments of Canada, the U.K. and Quebec recognizing the importance of their respective portions of the aircraft's production in the growth of their respective aerospace sectors.
Given that every transaction is unique, the resulting contribution of each partner can vary. Financing will be provided on terms consistent with the Aircraft Sector Understanding (ASU).
Each partner will continue to be guided by their individual credit guidelines for individual market and customer limits when considering any given transaction, where each may opt in or out of any given transaction.
Bombardier is the world's only manufacturer of both planes and trains. Looking far ahead while delivering today, Bombardier is evolving mobility worldwide by answering the call for more efficient, sustainable and enjoyable transportation everywhere. Our vehicles, services and, most of all, our employees are what make us a global leader in transportation.
Bombardier is headquartered in Montreal, Canada. Our shares are traded on the Toronto Stock Exchange (BBD) and we are listed on the Dow Jones Sustainability World and North America Indexes. In the fiscal year ended December 31, 2013, we posted revenues of $18.2 billion. News and information are available at bombardier.com or follow us on Twitter @Bombardier.
About UK Export Finance
UK Export Finance is the UK's export credit agency. It complements the private market by providing assistance to UK businesses, principally in the form of insurance to exporters and guarantees to banks to share the risks of providing export finance. It also makes loans to overseas buyers of goods and services from the UK. www.gov.uk/uk-export-finance
About Investissement Quebec
Investissement Quebec's mission is to foster the growth of investment in Quebec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.
EDC is Canada's export finance agency, providing insurance and financial services for export trade transactions. Companies looking to involve Canadian supply and services in their supply chains can access EDC financing for their capex and/or project finance requirements, either through bilateral or corporate facilities. Operating on commercial principles, EDC has a partnership-preferred philosophy to collaborate with private sector financial institutions to share risk and create greater capacity for Canadian trade transactions. EDC is committed to Corporate Social Responsibility, and it takes into account the environmental and social impacts of its transactions.
For more information about EDC and potential financing of CSeries aircraft while at the Farnborough Air Show, contact Lynda Bernst, Strategic Account Executive, Transportation Sector, EDC at firstname.lastname@example.org.
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Source: Export Development Canada