By Paul A. Harris
Portland, Ore., Aug. 24 - Netherlands-based ECA Program BV announced in a Friday press release that it has issued €1.2 billion of asset-backed notes with an eight-year maturity, yielding 7.2%.
The issue has full SEC registration rights and is asset backed for an estimated classification in the BB/Ba range, the press release stated.
The deal features a two-year reserve note structure as well as a 35% equity clawback.
Proceeds will go towards the realization of contract fulfillment and delivery of 26 SAAB Gripen NG aircraft and 24 Russian manufactured SUKOI Su-30/35 heavy jets.
ECA Program BV is a privately held, pre-IPO company based in Amsterdam and traded on a secondary trading platform. It provides training and support services to the military sector.
| Issuer: | ECA Program BV
|
| Amount: | €1.2 billion
|
| Maturity: | Eight years
|
| Security: | Asset-backed Rule 144A notes
|
| Coupon: | 7.2%
|
| Equity clawback: | 35%
|
| Rating range: | Ba/BB equivalent
|
| Announcement date: | Aug. 24
|
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