FOR IMMEDIATE RELEASE September 29, 2002
Niki Shepperd (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) today authorized a long-term loan guarantee to support the export of two Boeing B747-400 wide-body passenger aircraft to Thai Airways International, Thailand's government-owned national flag carrier. The aircraft are powered by CF6 engines manufactured by General Electric Co., Inc., Cincinnati, OH.
The transaction is structured as an asset-based financing with the aircraft serving as collateral. The guaranteed lender is Standard Chartered Bank, New York, NY.
Thai Airways provides passenger and cargo service to 77 destinations in 34 countries on four continents. The two new B747-400 aircraft will increase the airline's capacity on intercontinental routes to Europe.
The latest purchase brings to 10 the number of wide-body aircraft that Boeing has exported to Thai Airways backed by Ex-Im Bank financing over the past eight years.
Ex-Im Bank is an independent federal agency that helps finance the sale of U.S. exports, primarily to developing markets, by providing loans, guarantees and export credit insurance. In fiscal year 2002, Ex-Im Bank support $14 billion of U.S. exports worldwide.