Vedder Price’s Global Transportation Finance team represented Export-Import Bank of the United States (Ex-Im Bank) in a transaction with Ryanair involving the first-ever issue of Euro-denominated secured notes guaranteed by Ex-Im Bank.

A special purpose company was created to issue €156.7 million in notes, which bear interest at three-month Euribor plus 70 basis points. The proceeds of the notes will be used to finance the purchase of eight new Boeing 737-800 aircraft that will be operated by Ryanair.

There have been a number of recent offerings of Ex-Im Bank guaranteed notes; however, this transaction was Ex-Im Bank’s first offering of Euro-denominated notes, and the first Ex-Im Bank guaranteed notes to be issued into the capital markets with a floating interest rate.