US Ex-Im Bank is providing a US$69mn loan guarantee to support a more than US$75mn sale by Gulfstream Aerospace Corp of three Gulfstream G300 aircraft to National Air Services (NAS) in Saudi Arabia. The mid-range business jets are powered by twin engines manufactured by Rolls-Royce Corp in Indianapolis.
Arab Banking Corp, New York, is the guaranteed lender on the export sale. The transaction is an asset-based financing, with the aircraft serving as collateral.
Founded in 1998, NAS is the only privately-owned air transportation company in Saudi Arabia. NAS holds the Middle East franchise for Net Jets Inc, a worldwide leader in private aviation. This transaction is Ex-Im’s first financing to support the sale of US-manufactured aircraft for use by a company providing executive jet services to third parties.
Gulfstream, a wholly owned subsidiary of General Dynamics, will deliver the first of the three aircraft to NAS in the second quarter of 2004 and the remaining two in the third and fourth quarters.