Flight Options Secures $167 Million Financing Agreement

Flight Options on July 13 entered into a three-year, $167 million financing agreement with Brazil's Banco Nacional de Desenvolvimento Económico e Social (BNDES) to finance the fractional jet provider's order for up to 150 Embraer Phenom 300 light jets. The loan agreement between BNDES and the Cleveland, Ohio-based Flight Options will be guaranteed by the Brazilian Ministry of Finance, which is advised by the Brazilian Export Credit Insurance Agency (SBCE). This is the first time in history that BNDES has made an agreement with a fractional provider. In 2007, Flight Options placed a firm order for 100 Phenom 300s, as well as options for 50 more. The total value of the order, including options and using the Phenom 300's current list price, exceeds $1.2 billion. The company began taking delivery of the aircraft in May 2010 and currently has eight of the Brazilian-made light jets in service. Flight Options anticipates having 15 Phenom 300s in its fleet by the end of 2011.