Asset Finance

ING has closed an export credit financings for Ryanair’s 10 recently delivered 737-800.

ING was sole arranger and debt provider on the deal, which was denominated in Euros. “It was Ryanair’s preference, as most of its revenues come in Euros,” says Terina Golfinos, head of ING’s structured export finance for the Americas.

The deal is structured as a series of loans, with Ex-Im bank guaranteeing up to 85% of the purchase price of the aircraft.

The deal was arranged out of ING’s New York office, led by Terina Golfinos, and also with the Dublin office, led by Alan Duffy.

“We have a good relationship with Ryanair,” says Golfinos. “However it was ING’s first Ex-Im Bank-guaranteed deal with the airline.”

The deal closed in September, when the first aircraft was delivered. The other nine aircraft will deliver before the end of 2005. The bank was mandated for the deal in May after a very competitive bidding process. It is thought that Ryanair received very good pricing on the deal. “They are very confident people, and I cannot imagine them doing a deal unless it is very much to their liking,” says Golfinos.

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