FOR IMMEDIATE RELEASE February 23, 2000
Linda Formella (202) 565-3200
The largest owner and operator of bowling centers and a global manufacturer of bowling equipment, AMF Bowling Inc., based in Richmond, Va., is benefitting from over $1 million in medium-term, comprehensive guarantees from the Export-Import Bank of the United States (Ex-Im Bank) that are enabling the company to sell bowling equipment to private sector buyers in Turkey. The transactions follow Ex-Im Bank's recent announcement of a $1 billion trade program to finance purchases of U.S. exports by small and medium-sized Turkish businesses.
In February, Ex-Im Bank approved a $263,000 medium-term guarantee to help AMF sell bowling equipment to Toprak Finansal Kiralama, A.S. (Toprak Leasing) in Istanbul, Turkey. In November 1999, Ex-Im Bank approved a $793,000 medium-term guarantee to help finance AMF's sale to a Turkish leasing company, Halk Finansal Kiralama (Halk Leasing), also in Istanbul. The equipment will be leased for use in Turkish bowling alleys. The lender in both transactions is First International Bank of Hartford, Conn., which is providing financing to Toprak Leasing and Halk Leasing.
AMF is a world leader in the manufacture and sale of bowling products, including automatic pinspotters, automatic scoring equipment, lanes, pins, and ball returns. The company has a sales presence in over 50 countries and has a U.S. workforce of approximately 13,900 employees.
Ex-Im Bank is open under all of its short-, medium- and long-term financing programs in Turkey in both the public and private sectors. In fiscal year 1999, Ex-Im Bank authorized $420 million in financing to support U.S. exports to Turkey in 47 transactions, 45 of which involved purchases of U.S. goods and services by small and medium-sized Turkish companies.
Ex-Im Bank is an independent U.S. government agency that helps finance the sales of U.S. goods and services to developing and emerging markets around the world through loans, guarantees and export credit insurance. In fiscal year 1999, Ex-Im Bank supported nearly $17 billion of U.S. exports worldwide.