Ex-Im Bank Approves Financing for Sale of American-Made Helicopters for Use in Colombia's Offshore Oil and Gas Industry
April 10, 2015
(Ex-Im Bank)
Transaction will support an estimated 200 aerospace-related jobs in
Pennsylvania
Washington, D.C. – The Export-Import Bank of the United States (Ex-Im Bank) has
approved a $22.4 million loan guarantee to finance the export of U.S.-made
AgustaWestland AW139 helicopters to North Pole Investments in Panama for leasing
and use in Colombia's offshore oil and gas industry. The lender is Apple Bank
for Savings of New York, N.Y.
According to Ex-Im Bank estimates derived from Departments of Commerce and Labor
data and methodology, the Bank's financing will support an estimated 200 jobs at
AgustaWestland's manufacturing and operations facility in Philadelphia, Pa., and
in the company's U.S. supply chain.
Ex-Im Bank Chairman and President Fred P. Hochberg made the announcement today
while participating as a member of the U.S. government delegation to the Summit
of the Americas conference being held in Panama City.
"We are pleased to finance the exports of these quality, American-made
helicopters because of the jobs in Philadelphia that will be sustained as a
result," said Chairman Hochberg. "This transaction will empower AgustaWestland
to continue to grow in Latin America while maintaining good-paying aerospace
jobs here at home."
Ex-Im Bank plans to co-finance this asset-backed transaction with Italy's
export-credit agency, Servizi Assicurativi del Commercio Estero, S.p.A. (SACE),
which is anticipated to provide 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.
North Pole Investments is an aviation lessor headquartered in Panama City. The
company leases aircraft mainly to Helistar S.A.S., a civil charter services
operator based in Colombia. The AW139 helicopters being financed will be leased
to Helistar and will be deployed for offshore oil and gas crew transport in the
Colombian Caribbean continental shelf.
AgustaWestland's manufacturing and operations facility in Philadelphia employs
nearly 600 U.S. aerospace and administrative support workers. In February 2008,
the company opened a second AW139 assembly line in Philadelphia to meet the
growing demand for its helicopters, particularly in expanding markets in the
Western Hemisphere.
The transaction is Ex-Im Bank's fourth financing of exports of U.S.-made
AgustaWestland helicopters to Latin America. In August 2009, the Bank assisted
in financing the export of AW139 helicopters to the government of Trinidad and
Tobago for use in search and rescue operations. In December 2012 and in July
2013, the Bank approved loan guarantees financing AW139 helicopters for export
to Omni Taxi Aéreo to meet its transportation contracts with the oil and gas
industry in Brazil.
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