US Ex-Im Bank supports Gulfstream aircraft sale to Saudi Arabia
The Export-Import Bank of the United States (Ex-Im Bank) is providing a $69 million loan guarantee to support a sale by Gulfstream Aerospace Corp. of three G300 aircraft to Saudi Arabia’s National Air Services (NAS). The deal is valued over $75 million.
Arab Banking Corporation (ABC) 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, a worldwide leader in private aviation. This transaction is Ex-Im Bank's first financing to support the sale of US-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. — (menareport.com)
© 2003 Mena Report (www.menareport.com)