Ex-Im Bank Approves $105.4 Million Loan to Finance SpaceX Launch
WASHINGTON, Aug. 23, 2013 /PRNewswire-USNewswire/ -- Continuing its support of the space industry in America, the Export-Import Bank of the United States (Ex-Im Bank) has authorized a $105.4 million loan to Space Communication Ltd. of Ramat Gan, Israel, to finance the Space Exploration Technologies (SpaceX) launch of the Amos-6 communications satellite, the purchase of American made-solar arrays, and insurance brokered by Marsh USA (Marsh).
The transaction is Ex-Im Bank's third in support of a SpaceX launch, and it will support approximately 600 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology. In June of 2013, Ex-Im Bank announced that it had approved financing for the launches of two satellites manufactured by Space Systems/Loral LLC, and in November of 2012 the Bank announced that it had approved financing for the launches of two Boeing-manufactured satellites.
"Ex-Im Bank is always ready to help the American space industry boost its international sales and export its products to important markets," said Ex-Im Bank Chairman and President Fred P. Hochberg. "Our support of American launches and exports levels the playing field for U.S. companies and keeps highly-skilled, well-paying jobs on American soil."
Satellite financing represents Ex-Im Bank's most prominent stand-out sector in the Bank's newly transformed portfolio. Just three years ago, satellites accounted for only $50 million in authorizations per year. This year numbers as the third consecutive year in which Ex-Im Bank's satellite sector authorizations will have topped $1 billion.
Amos-6, a geosynchronous satellite, will replace Space Communication's Amos-2 and cover markets in Central and Eastern Europe and the Middle East. The satellite will also provide pan-European coverage and broadband services in Europe and Africa.
The launch is scheduled for 2015.
Founded in 2002 and headquartered in Hawthorne, Calif., SpaceX designs, manufactures and launches rockets and spacecraft. It is the first private company to build, launch, and dock spacecraft at the International Space Station, a mission previously accomplished only by government space entities.
"We appreciate Ex-Im Bank's support of both SpaceX and the U.S. space industry," said Gwynne Shotwell, SpaceX president and chief operating officer. "With export financing for contracts like the AMOS-6 mission, Ex-Im Bank helps SpaceX compete successfully with international launch service providers, bringing overseas satellite launch business and high-tech jobs back to American soil."
ATK Space Systems Inc., a participant in the transaction and a manufacturer of the solar arrays for the satellite, is a member of the ATK Aerospace Group. The company provides a broad portfolio of products and services that include integrated satellite bus systems, world-class multidisciplinary engineering services, and market-leading integrated thermal-control systems.
Founded in 1871, Marsh is a global leader in insurance brokering and risk management. The company has approximately 26,000 colleagues who collaborate to provide advice and transactional capabilities to clients in over 100 countries.
ABOUT EX-IM BANK:
Ex-Im Bank is an independent federal agency that creates and maintains U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.
Ex-Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex-Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.
SOURCE Export-Import Bank of the United States