Brazilian aircraft manufacturer, Embraer, has closed a $650 million revolving credit facility with a group of national and international financial institutions. The airframer said the agreement was the first of its kind since 2010.
'This operation reinforces Embraer's liquidity for the coming years and consolidates the company's credibility with Brazilian and international financial institutions that trust and believe in the company's credit. It will help us on our credit rating in the long term,' said Antonio Carlos Garcia, CFO.
Embraer said that the objective of the agreement was to regain access to financial resources for three years at pre-negotiated rates. These rates can be renewed for another two years at the lenders’ discretion.
The revolving credit facility offered to Embraer is led by PNC Bank, Crédit Agricole, Natixis, MUFG, Santander along with other lender support from around the globe. Embraer's subsidiaries in the U.S. and the Netherlands also have access to the revolving credit line.
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