London satellite company Inmarsat will receive a US$700mn long-term direct loan from the US export-import bank (US Ex-Im) to purchase aerospace equipment from Boeing.

Inmarsat will have 8.5 years to repay the fixed rate loan, which is the largest satellite financing in US Ex-Im history.

Inmarsat will buy three Boeing satellites for a project to increase mobile satellite services in the maritime and energy sectors.

According to US Ex-Im, the bank’s support helped Boeing beat off competition backed by an export credit agency.

US Ex-Im did not divulge which country’s ECA was involved in the bid.