Mexican airline gets Exim-backed loan
Banco Nacional de Mexico and HSBC have approved a US$171mn loan guaranteed by US Exim for the export of American aircraft and aviation services to Mexico.
The Mexican peso-denominated financing will go to Aerovias de Mexico (Aeroméxico), the country’s largest airline, for the purchase of Boeing 737 passenger aircraft, as well as various goods and services from US exporters. In particular, Delta TechOps and Honeywell will provide maintenance and repair services on engines and auxiliary power units.
US Exim chairman and president Fred Hochberg says: "I am pleased that this transaction will help Boeing, Delta, Honeywell and other US companies create and sustain American jobs. American workers produce the best products and services – and airplanes – in the world, and we are committed to ensuring that our financing support helps our companies remain competitive."
With this transaction, US Exim has tripled its support to Mexican aviation companies purchasing goods and services from the US. Mexico is the export credit agency’s largest single market, with US$8.3bn of exposure at the end of FY 2011.
"US Exim's support of Grupo Aeroméxico has been vitally important and played a key role in our fleet renewal process that we started a decade ago. Through the loan facility it approved yesterday, US Exim has demonstrated that we have a valuable strategic partner, which will help us achieve our expansion plans and benefit our passengers and stockholders," says Andrés Conesa, CEO of Aeroméxico.
Earlier this month, US aviation company Delta invested US$65mn in Aeroméxico, reaching 4.17% ownership interest and a seat on the company’s board of directors. Delta and Aeroméxico are both members of the SkyTeam Alliance.