Ex-Im Bank loans totaling $471 million support an estimated 3,700 high-tech U.S. jobs
FOR IMMEDIATE RELEASE April 24, 2014
Linda Formella, 202-651-0299
Washington, D.C.- Asia Broadcast Satellite (ABS) received the Deal of the Year award from the Export-Import Bank of the United States (Ex-Im Bank). The award was presented today at the Bank's 39th Annual Conference in Washington, D.C. Ex-Im Bank is recognizing ABS for their purchase of three geostationary satellites, built by Space Systems/Loral (SS/L) and Boeing Satellite Systems, and two space launches provided by SpaceX. In November 2012, the Bank authorized a total of $471 million in loans to support the transaction.
The ABS deal marked the Bank's first financing of a SpaceX launch and of a new model of Boeing satellites, the 702SP. The 702SP is the first commercial satellite to use all-electric propulsion for orbit-raising. The two Boeing 702SPs will launch on SpaceX Falcon 9 rockets in late 2014 and in 2015.
“Ex-Im Bank is proud to have provided financing to ABS for their purchases of satellites and launch services from American exporters. The U.S. space and satellite industry remains at the forefront of technological innovation,” said Ex-Im Bank Chairman Fred P. Hochberg. “These transactions are supporting thousands of jobs for highly skilled American workers.
The ABS deal will support approximately 3,700 high tech jobs in the United States, according to Ex-Im Bank estimates derived from the Departments of Commerce and Labor data and methodology.
We are extremely honored to receive this reward, which recognizes the tremendous efforts of everyone involved in these transactions. We would like to thank Ex-Im Bank again for their support on this landmark financing that will enable ABS to use American-made satellites to achieve its expansion plan to become a global satellite operator. said ABS CFO Sam Wong.
In addition, Ex-Im Bank's financing supported the purchase of a SS/L FS1300, C/Ka/Ku-band satellite, named ABS-2. ABS-2 successfully launched on February 6, 2014 and is one of the largest geostationary satellites in Asia. From its orbital location at 75°E, the satellite will extend affordable and reliable communications and broadcast services to Africa, Asia Pacific, Europe, the Middle East and Russia/CIS countries. Ex-Im Bank's 2014 Annual Conference will focus on the global business environment and prospects for growth. The event will feature prominent members of the business and government community including Secretary of Commerce Penny Pritzker, Secretary of Energy Ernest Moniz, Secretary of Agriculture Tom Vilsack, Former Treasury Secretary and President Emeritus of Harvard University Lawrence Summers, Wells Fargo Chairman and CEO John Stumpf, SpaceX CEO and Chief Designer Elon Musk, Pemex CEO Emilio Lozoya Austin, and Virginia Governor Terry McAuliffe. A full listing of speakers, panelists, and moderators is available on Ex-Im's website: www.exim.gov.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. The Bank provides a variety of financing mechanisms, including working-capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services. In the past fiscal year alone, Ex-Im Bank earned for U.S. taxpayers more than $1 billion above the cost of its operations. In FY 2013, Ex-Im Bank approved more than $27 billion in total authorizations to support an estimated $37.4 billion in U.S. export sales and approximately 205,000 American jobs in communities across the country. For more information, visit www.exim.gov.