EDC, UK Export Finance and IQ Strike New Partnership on CSeries Aircraft Financing

FARNBOROUGH, UNITED KINGDOM—(Marketwired – Jul 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 Québec (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.