Ex-Im Bank arranges financing for TAAG 777-300

TAAG Angola Airlines 777-300ER. Photo: Courtesy, Boeing.

TAAG Angola Airlines secured a $256 million long-term loan guarantee from the US Export-Import Bank for the purchase of a Boeing 777-300ER aircraft with GE90-115B engines, the Ex-Im Bank said. The aircraft will be used to expand the Angolan national flag carrier’s intercontinental service provided by its all-Boeing fleet.

The guaranteed lender is the New York-based Private Export Funding Corp. and the arranger is HSBC Bank PLC in London. The transaction is structured as an asset-backed finance lease in which Ex-Im Bank retains a first-priority security interest in the financed aircraft. Ex-Im Bank’s guarantee is supported by a sovereign guarantee from the Angolan government.

“Ex-Im Bank’s financing support of our acquisition of 777-300ER aircraft is critical to TAAG’s success in achieving a strongly competitive position in the Africa-to-Europe marketplace,” said TAAG Chairman Pimentel Araujo.

“Ex-Im Bank is pleased to add this transaction to our support for Boeing sales to TAAG Angola Airlines,” said Ex-Im Bank Chairman Fred Hochberg. “Our loan guarantees have helped the airline to access affordable financing and build its fleet in order to provide expanded air service for Angola.”

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