FOR IMMEDIATE RELEASE December 7, 2003
Marianna Ohe (202) 565-3200
WASHINGTON D.C. -- The Export-Import Bank of the United States (Ex-Im Bank) today announced it is providing a $69 million loan guarantee to support a more than $75 million sale by Gulfstream Aerospace Corp., Savannah, Ga., of three Gulfstream G300 aircraft to National Air Services (NAS), Jeddah, Saudi Arabia. The mid-range business jets are powered by twin engines manufactured by Rolls-Royce Corp., Indianapolis, Ind.
We are delighted to assist a world-recognized U.S. company like Gulfstream in selling its outstanding U.S.-manufactured aircraft in an important and growing Middle Eastern market, said Joseph Grandmaison, a member of Ex-Im Bank's board of directors. We believe NAS is well situated to further enhance its position as the regional leader in private aviation services. He said the Gulfstream sale will support and create U.S. jobs.
Arab Banking Corp., New York, NY, is the guaranteed lender on the export sale. The transaction is an asset-based financing, with the aircraft serving as collateral.
Founded in 1998, NAS is the only privately owned air transportation company in Saudi Arabia. With a fleet of 21 aircraft, it is the largest provider of fractional aircraft ownership and leasing, charter operations, and aircraft management and maintenance services in the Middle East. NAS holds the Middle East franchise for Net Jets Inc., a worldwide leader in private aviation. This transaction is Ex-Im Bank's first financing to support the sale of U.S.-manufactured aircraft for use by a company providing executive jet services to third parties.
Gulfstream, a wholly owned subsidiary of General Dynamics, will deliver the first of the three aircraft to NAS in the second quarter of 2004 and the remaining two in the third and fourth quarters.
Ex-Im Bank is an independent federal government agency that helps 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 authorized financing to support approximately $14.2 billion of U.S. exports worldwide.
More information on Ex-Im Bank may be found by visiting //www.exim.gov.