Ex-Im Bank backs $69 million loan for Gulfstream’s Saudi jet deal
The U.S. Export-Import Bank will provide a $69-million loan guarantee to support a more than $75 million sale by Gulfstream Aerospace Corp. of three G300 jets to National Air Services in Jeddah, Saudi Arabia.
New York-based Arab Banking Corp. is the guaranteed lender on the export sale. “The transaction is an asset-based financing, with the aircraft as collateral,” Ex-Im Bank said.
National Air Services is a privately owned air transport company with a fleet of 21 planes. Gulfstream is a subsidiary of General Dynamics and will deliver the first of the three planes to National Air Services in the second quarter of 2004 and the remaining two planes in the third and fourth quarters.