FOR IMMEDIATE RELEASE February 3, 2000
Marianna Ohe (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) is providing a $503 million loan guarantee to support the $584 million export by The Boeing Co., Seattle, WA, of four B777-300 airframes and one B747-400 aircraft with four installed General Electric engines to Thai Airways International, Ltd., Bangkok. The B777-300 aircraft are powered by Rolls Royce engines financed by Ex-Im Bank's British counterpart Export Credits Guarantee Department (ECGD).
Thai Airways, Thailand's national flag carrier, will use the aircraft to serve its international routes. The airline flies to 73 destinations in 35 countries. The five new aircraft will be used principally on routes to London, Frankfurt, Melbourne, Perth, Brisbane, Osaka, Taipei and Seoul.
Ex-Im Bank is pleased to finance US exports to Thailand that will support that important market's economic recovery while sustaining US jobs at Boeing suppliers across the country, said Ex-Im Bank Chairman James A. Harmon.
The financing is structured as an asset-based transaction with the aircraft serving as collateral. The guaranteed lender on the transaction is Barclays Bank PLC, New York, NY. Ex-Im Bank's guarantee is needed because of the reduced availability of commercial bank funding for aircraft purchases in the Asia region in the wake of the economic downturn.
Ex-Im Bank is an independent US government agency that helps finance the sale of US exports primarily to emerging markets throughout the world, by providing loans, guarantees, and insurance. Worldwide in fiscal year 1999, Ex-Im Bank supported nearly $17 billion in exports.