Ex-Im Approves $87.1 Million Guarantee to Finance Export of American-made Satellite to Spain
January 18, 2013
(Ex-Im Bank)
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) has
authorized an $87.1 million guarantee of a loan extended by Crédit Agricole and
other European lenders to Hispasat Canarias S.L.U., a Hispasat S.A. (Hispasat)
subsidiary based in Madrid, Spain, that will finance the assembly and purchase
of a satellite to be manufactured by Orbital Sciences Corporation (Orbital) of
Dulles, Va.
The guarantee, which is Ex-Im Bank’s third transaction with Hispasat, will
support approximately 600 U.S. jobs, according to bank estimates derived from
Departments of Commerce and Labor data and methodology.
“This transaction is yet another example of our commitment to support high-tech
jobs throughout America,” said Ex-Im Bank Chairman and President Fred P.
Hochberg. “The ‘Made in America’ brand is second to none, and it is our job to
ensure it always has an equal footing with competitors in the international
market.”
Established in 1989, Hispasat is the fourth largest western European satellite
operator and the eighth largest operator in the world. It currently manages a
constellation of seven active satellites and plans to expand its fleet.
Additionally, an Ex-Im Bank transaction involving the company was recognized as
“Deal of the Year”at the 2012 Ex-Im Bank Annual Conference.
The Amazonas-4A satellite, a Ku-band satellite equipped with 24 transponders, is
expected to launch in 2014 and will occupy the company’s orbital slot over
Brazil. It will provide coverage to the Americas and respond to the increasing
demand of direct-to-home and high-definition television broadcasts.
Orbital Sciences Corporation was founded in 1982 and specializes in designing,
building, testing and operating small- and medium-size satellites, rockets and
other space systems. The company provides its space systems products to
commercial customers, such as Hispasat, as well as to U.S. government agencies,
including NASA, the Department of Defense, and intelligence agencies. Orbital
employs almost 4,000 people, primarily in Virginia and Arizona, with other
smaller locations around the country.
“Ex-Im Bank has played a critical role in the financing of several high-value
commercial satellites built by Orbital,” said Garrett Pierce, vice chairman and
chief financial officer of Orbital. “Ex-Im Bank's participation has enabled us
to compete on a level playing field around the world and win new export-related
business. In addition, our success in capturing new orders of state-of-the-art
spacecraft provides hundreds of high-tech and high-wage jobs for Orbital's
workforce and throughout our extensive network of U.S.-based suppliers.”
Ex-Im Bank authorized a record-breaking $1.4 billion to finance exports of
American-made telecommunications satellites in FY 2012. In the first quarter of
FY 2013, Ex-Im Bank has already authorized $516.9 million.
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