Embraer secures $600m in financing to shore up its finances

Embraer says it secured $600m in export financing and loans, as it deals with the fallout of the coronavirus crisis and the scuppered tie-up with Boeing. The San Jose dos Campos-based planemaker says about half of the cash will be financed via the Brazilian National Bank of Economic and Social Development (BNDES), with the other half coming from private and public banks. The loans will come due in four years. The money will provide working capital to help with the production of passenger commercial aircraft as well as executive jets. “These working capital financial lines, generally available to exporting companies, will further reinforce the cash position of the company, guaranteeing funds from the production phase through the moment of product shipment for the export market,” Embraer said Monday. The fresh money will not alter the shareholder structure at the world’s third-largest aircraft manufacturer, and the company says it is looking for further forms of financing if needed.<br/>