Ex-Im Bank Approves More Than $170 Million in Export Financing for Aerovias de Mexico
June 22, 2012
(Ex-Im Bank)
Deal Benefits Boeing, Delta, Honeywell and Others
Washington, D.C. – The board of directors of the Export-Import Bank of the
United States (Ex-Im Bank) yesterday approved two final commitments aggregating
$171 million in export financing for Aerovias de Mexico S.A. de C.V.
(Aeroméxico). Aeroméxico is Mexico's largest airline and a founding member of
the SkyTeam Alliance. This transaction effectively triples Ex-Im support for
Mexican aviation companies purchasing goods and services from U.S. companies.
The final commitments approved by Ex-Im Bank will support the export to
Aeroméxico of Boeing 737 passenger aircraft, as well as various goods and
services to be provided by a variety of U.S. exporters. The latter includes the
maintenance, repair and overhaul operations division of engines and auxiliary
power units by Delta TechOps in Atlanta, Ga. and Honeywell in Phoenix, Arizona.
Delta TechOps is the maintenance repair and overhaul operations unit of Delta
Airlines (Delta), also a member of the SkyTeam Alliance.
Earlier this month, Delta invested $65 million in Aeroméxico. As a result, Delta
now has a 4.17% ownership interest in, and a seat on the board of directors of,
Aeroméxico.
"I am pleased that this transaction will help Boeing, Delta, Honeywell and other
U.S. companies create and sustain American jobs," said Fred P. Hochberg, the
chairman and president of Ex-Im Bank. "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."
"Ex-Im Bank'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," said
Andrés Conesa, CEO of Aeroméxico. "Through the loan facility it approved
yesterday and with the renewal of the CGF, Ex-Im Bank has demonstrated that we
have a valuable strategic partner, which will help us achieve our expansion
plans and benefit our passengers and stockholders."
In order to provide Aeroméxico with a natural currency hedge, the final
commitments are structured as Mexican Peso denominated Ex-Im Bank guaranteed
loans. The guaranteed lenders will be Banco Nacional de México (a 100% owned
subsidiary of Citibank) and HSBC.
The other airline members of the SkyTeam Alliance besides Delta and Aeroméxico
are: Aeroflot, Air Europa, AirFrance, Alitalia, China Airlines, China Eastern,
China Southern, Czech Airlines, Kenya Airways, KLM, Korean Air, Saudia, Tarom,
and Vietnam Airlines.
Mexico is Ex-Im Bank's largest single market, which supports thousands of U.S.
jobs. At the end of Fiscal Year 2011 (September 30, 2011) Ex-Im’s exposure in
Mexico was over $8.3 billion.
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