A US Ex-Im Bank long-term loan guarantee will support the export by Gulfstream Aerospace of three G350 business jet aircraft to National Air Services (NAS) of Jeddah, Saudi Arabia.
Gulfstream has more than 7,200 employees at seven major locations in the US. The G350 aircraft will be manufactured in Savannah, Georgia., Georgia The planes include components produced by numerous US sub-suppliers including Aerostructures Corp; Goodrich Avionics Systems; Honeywell International; and Parker Hannifin Corp.
“This transaction will create and sustain US jobs, while continuing Ex-Im Bank’s strong support of US aircraft exports to the Middle East,” says Ex-Im Bank acting chairman James Lambright. “Recently, we have supported aircraft exports to Dubai, Oman and Saudi Arabia. The current transaction will enable NAS to further implement and expand its business model.”
“We are committed to the long-term success of NAS in the Middle East region,” says Bryan Moss, president, Gulfstream. “We know the G350, with its 3,800 nautical mile range and advanced cockpit will meet the air transportation needs of NAS clients.”
Gulfstream announced last May that it had signed a letter of intent with NAS for the purchase of the G350 aircraft. The approval of the Ex-Im Bank financing for NAS has resulted in NAS and Gulfstream finalising this purchase.
The Ex-Im Bank transaction is structured as an asset-backed financing, with the aircraft serving as collateral. Arab Banking Corp, New York, the branch office of Arab Banking Corp, Bahrain, is the guaranteed lender on the transaction.
Gulfstream designs, manufactures and markets a complete line of technologically advanced business jet aircraft.