FOR IMMEDIATE RELEASE August 11, 2009
Contact: Linda Formella (202) 565-3200
WASHINGTON, D.C.: AgustaWestland, a helicopter manufacturer in Philadelphia, Pa., will export four AW139 multiple-mission helicopters to the government of Trinidad and Tobago with the support of an approximately $80 million, 10-year loan guaranteed by the Export-Import Bank of the United States (Ex-Im Bank). The lender is BNP Paribas of New York, N.Y.
Two of the helicopters will be delivered in September 2010, and the remaining two will be delivered in September 2011.
The helicopters will be used by the Air Guard of Trinidad and Tobago for surveillance and reconnaissance missions related to search and rescue, border patrol and drug interdiction. The export is part of a larger contract with the government of Trinidad and Tobago under which AgustaWestland will provide extensive mission support, training and logistics for helicopter operations for a period of seven years.
This is Ex-Im Bank's first long-term financing on behalf of AgustaWestland. We are especially pleased to support this transaction because not only does it support U.S. manufacturing jobs today but also paves the way for follow-on business for this company to export training and other services for years to come, said Ex-Im Bank Chairman and President Fred. P. Hochberg.
Ex-Im Bank is co-financing the transaction with Italy's export-credit agency, Servizi Assicurativi del Commercio Estero, S.p.A. (SACE), which is providing a guarantee for a portion of the financing covering foreign content. The majority of the export is the U.S. content, which consists of manufacturing activities, assembly, customization, avionics and instrumentation.
These exports will help to sustain jobs at AgustaWestlands manufacturing plant in Philadelphia, which employs more than 500 U.S. aerospace workers. AgustaWestland manufactures both commercial and military helicopters from light to heavy-range. In February 2008, the company opened a second AW139 assembly line in Philadelphia to meet the growing demand for these helicopters around the world, particularly in expanding markets in Latin America.
In fiscal year 2009 to date, Ex-Im Bank has authorized an aggregate of more than $200 million to support the export of U.S.-manufactured helicopters to markets in the Americas and Asia.
In fiscal year 2008, Ex-Im Bank authorized a total of $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide. Last year, the Bank approved $123 million to support exports of U.S.-manufactured small aircraft, helicopters, locomotives and other transportation-related equipment to various operators around the world.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps to 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. For more information, visit www.exim.gov.