FOR IMMEDIATE RELEASE October 26, 2008
Marianna Ohe (202-565-3200)
WASHINGTON, D.C. - The sale of 12 aircraft by Cessna Aircraft Company, Wichita. Kan.,to Costa Rica's Servicios Aereos Nacionales, S.A. (SANSA), backed by financing from the Export-Import Bank of the United States (Ex-Im Bank), will help support trade between U.S. and Central American companies, as well as enhance regional economic growth.
Ex-Im Bank's board of directors approved a loan guarantee totaling approximately $20 million to support the export of the Cessna Grand Caravan aircraft that will increase SANSA's fleet and improve business, tourist and leisure air transport links throughout Central America.
This transaction will help foster development of Costa Rica's transportation infrastructure, a key to regional economic growth, said Ex-Im Bank Vice Chairman Linda Conlin, who recently participated in a business development mission to the Dominican Republic and Costa Rica headed by U.S. Commerce Secretary Carlos M. Gutierrez. The mission sought to advance the goals of the CAFTA-DR Free Trade Agreement.
SANSA is a long-standing Cessna customer, so we are very happy to have this vote of confidence in our latest Caravan, said John Doman, Cessna vice president, Propeller Aircraft Sales. With the technology standard in the Caravan, SANSA will gain valuable efficiencies in its operations.
Cessna will deliver the replacement aircraft from November 2008 through November 2009.
The guaranteed lender on the transaction is the Private Export Funding Corp., New York, N.Y. UPS Capital Business Credit, Windsor, Conn., arranged the financing.
The transaction is structured as an asset-backed financing, with the aircraft serving as collateral.
SANSA is owned by El Salvador-based Grupo TACA, a leading Latin American carrier serving destinations in 21 countries throughout the Americas.
Cessna Aircraft Company is a Textron company.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 74th year, helps create and maintain U.S. jobs by financing 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 2007, Ex-Im Bank authorized $12.6 billion in financing to support an estimated $16 billion of U.S. exports worldwide.