FOR IMMEDIATE RELEASE January 27, 2004
Marianna Ohe (202) 565-3200
WASHINGTON, D.C. -- The Export-Import Bank of the United States (Ex-Im Bank) has approved a $244 million long-term guarantee to support the export by The Boeing Co., Everett, Wash., of B747-400 aircraft to Thai Airways International Public Company, Ltd. (Thai Airways), Bangkok, Thailand. The aircraft have installed engines manufactured by General Electric Co., Cincinnati, Ohio.
We are pleased to support this U.S. export sale which will help sustain thousands of U.S. jobs at Boeing sub-suppliers across the country while supporting Thai Airways' fleet modernization, said Ex-Im Bank Chairman Philip Merrill.
Thai Airways is Thailand's national flag carrier and covers more than 72 destinations in 34 countries on five continents.
Ex-Im Bank is guaranteeing a Japanese yen-denominated loan by BNP Paribas, Singapore, equivalent to $244 million. The transaction is structured as an asset-based financing with the aircraft serving as collateral.
The aircraft acquisition is a continuation of Thai Airways modernization program to increase flight frequencies and expand its fleet to take advantage of expected growth opportunities in the airline's major markets.
Ex-Im Bank this year marks its 70th 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 2003, Ex-Im Bank, an independent federal agency, authorized financing to support $14.3 billion of U.S. exports worldwide. For more information on Ex-Im Bank visit //www.exim.gov.