BNDES Provides Fractional Jet Financing

Brazilian development bank BNDES is providing US-based fractional jet ownership company Flight Options with a 3-year, $167m financing package to purchase Phenom 300 business jets from Embraer. In 2007, Flight Options placed an order for one hundred Phenom jets, plus an option to purchase 50 more. The total value of the order exceeds $1.2bn. The company began taking delivery of the aircraft in May 2010 and currently has eight Phenom jets in service. Flight Options anticipates having 15 Phenom 300 jets in operation by the end of 2011. Both BNDES and Flight Options decline to provide the terms of the deal.