Ex-Im Bank Supports Gulfstream Aerospace Sale of Executive Jets to Saudi Arabiatitle
WASHINGTON, Nov. 20 /PRNewswire/ -- An Export-Import Bank of the United
States (Ex-Im Bank) long-term loan guarantee will support the export by
Gulfstream Aerospace Corp., Savannah, Ga., of three G350 business jet aircraft
to National Air Services (NAS), Jeddah, Saudi Arabia. Ex-Im Bank announced
its approval of the financing in conjunction with the Dubai Air Show being
held in Dubai November 20-24, 2005.
Gulfstream has more than 7,200 employees at seven major locations in the
United States. The G350 aircraft will be manufactured in Savannah. The
planes include components produced by numerous U.S. sub-suppliers including
Aerostructures Corp., Nashville, Tenn.; Goodrich Avionics Systems Inc., Grand
Rapids, Mich.; Honeywell International Inc., Phoenix, Ariz.; and Parker
Hannifin Corp., Ogden, Utah.
"This transaction will create and sustain U.S. jobs, while continuing Ex-
Im Banks strong support of U.S. aircraft exports to the Middle East," said
Ex-Im Bank Chairman (Acting) James H. Lambright. "Recently, we have supported
aircraft exports to Dubai, Oman and Saudi Arabia. The current transaction
will enable NAS to further implement and expand its business model."
"We are committed to the long-term success of NAS in the Middle East
region," said Bryan Moss, president, Gulfstream. "We know the G350, with its
3,800 nautical mile range and advanced cockpit will meet the air
transportation needs of NAS clients."
Gulfstream announced last May that it had signed a letter of intent with
NAS for the purchase of the G350 aircraft. The approval of the Ex-Im Bank
financing for NAS has resulted in NAS and Gulfstream finalizing this purchase.
The Ex-Im Bank transaction is structured as an asset-backed financing,
with the aircraft serving as collateral. Arab Banking Corp., New York, N.Y.,
the branch office of Arab Banking Corp., Bahrain, is the guaranteed lender on
the transaction.
Gulfstream designs, manufactures and markets a complete line of
technologically advanced business jet aircraft.
Ex-Im Bank this year marks its 71st year of helping finance the sale of
U.S. exports, primarily to emerging markets throughout the world, by providing
loan guarantees, export credit insurance, and direct loans. In fiscal year
2004, Ex-Im Bank, an independent federal agency, authorized financing to
support approximately $17.8 billion in U.S. exports worldwide, a 25% jump from
a year earlier.
