Ex-Im Bank Approves $105.4 Million Loan to Finance SpaceX Launch
August 23, 2013
(Ex-Im Bank)
Washington, D.C. – 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 in California and
elsewhere, 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.
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