Ethiopian Airlines has chosen Barclays Bank to lead arrange a US$50mn five-year pre-delivery payment term loan. Nairobi-based PTA Bank is also participating in the deal, which will be syndicated.
The loan will contribute towards buying three Boeing 767-300s and three 737-700s aircraft. The financing arrangements include pre-delivery finance to assist the airline in making payments to Boeing and engine manufacturers during the manufacturing stage, as well as an export credit facility.
The funds will also be used for post-delivery commercial finance.