Ryanair to pay $3.57 billion for 70 Boeing jets

Irish budget airline Ryanair Holdings PLC will pay $3.57 billion for the 70 Boeing Co. airplanes it has ordered, a large discount on the listed price, the carrier said Friday.

The price for each 737-800 airplane will be about $51 million, including the engines and some optional features, Dublin-based Ryanair said in a regulatory filing.

Boeing's list price for that model, according to the Boeing Web site, is a range of $61.5 million to $69.5 million. Boeing spokesman Todd Blecher said it's not unusual for the manufacturer to offer discounts for large orders.

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Ryanair will also pay around $900,000 per aircraft for equipment from third parties that Boeing will install.

The deal includes a clause that would boost the price of the airplanes, scheduled for delivery between 2006 and 2011, according to a formula based on U.S. employment costs and producer prices.

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Ryanair said it will finance the new airplanes through bank loans, which are guaranteed by the Export-Import Bank of the United States, a federal agency that helps finance the export of U.S. goods to foreign countries.

Ryanair, with revenue of $1.4 billion for the year ended March 31, has a fleet of about 30 Boeing 737s and makes 1,250 flights a week. It flies nearly 6 million people on 45 routes covering Ireland, France, Belgium, Sweden, Norway, Denmark, Germany and the United Kingdom.