COPA Airlines signs historic deal to buy Boeing planes
Posted by Mike | Under Airline News
Jim Albaugh of Boeing and Stanley Motta of Copa Airlines, show the agreement reached by the two companies.
The Panamanian airline Copa Airlines and American company Boeing aircraft signed a settlement of 2.6 billion dollars for the purchase of 32 aircraft, representing the largest business transaction in the history of relations between both countries.
The commitment took place at the headquarters of the Department of Commerce of the United States in the presence of the secretary of this entity, Gary Locke, who in his speech highlighted the strengthening of trade between the two countries.
“EU is the major trading partner of Panama, and this agreement confirms the commitment of both countries,” Locke said at the ceremony held the same day that the nations signed an agreement to exchange tax information.
As a representative of the Panamanian government, the vice president and foreign minister, Juan Carlos Varela participated in the ceremonial act who in his speech reinforced the words of Locke on trade between these countries, and said his presence shows the commitment of the state to companies that invest and employ thousands of Panamanians.
The agreement involved the chief executives of both companies: Pedro Heilbron of Copa Airlines, and Jim Albaugh of Boeing.
The 32 aircraft will be delivered between 2015 and 2018, are part of the mid term growth plan of the company, said Heilbron.
Copa Holding’s president, Stanley Motta, and Vice President of Finance, Victor Vial, shared details of the funding for this operation, which was supported by a group of international banks such as Citibank, JP Morgan Chase, BNP Paribas, and Exim Bank of U.S. exports.
Motta said the loan was agreed at very low rates for the guarantees provided by the Exim Bank, an entity that is “strong enough to provide security to our financial commitment. Going to the market with this bank guarantee is like going with a paper from the United States government”, he said proudly, as the group’s shares rose.
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