Ex-Im Approves $87.1 Million Guarantee to Finance Export of American-made Satellite to Spain
January 18, 2013
(Ex-Im Bank)
Washington, D.C. – The Export-Import Bank of
the United States (Ex-Im Bank) has authorized
an $87.1 million guarantee of a loan extended
by Crédit Agricole and other European lenders
to Hispasat Canarias S.L.U., a Hispasat S.A.
(Hispasat) subsidiary based in Madrid, Spain,
that will finance the assembly and purchase of
a satellite to be manufactured by Orbital
Sciences Corporation (Orbital) of Dulles, Va.
The guarantee, which is Ex-Im Bank’s third
transaction with Hispasat, will support
approximately 600 U.S. jobs, according to bank
estimates derived from Departments of Commerce
and Labor data and methodology.
“This transaction is yet another example of our
commitment to support high-tech jobs throughout
America,” said Ex-Im Bank Chairman and
President Fred P. Hochberg. “The ‘Made in
America’ brand is second to none, and it is our
job to ensure it always has an equal footing
with competitors in the international market.”
Established in 1989, Hispasat is the fourth
largest western European satellite operator and
the eighth largest operator in the world. It
currently manages a constellation of seven
active satellites and plans to expand its
fleet. Additionally, an Ex-Im Bank transaction
involving the company was recognized as “Deal
of the Year”at the 2012 Ex-Im Bank Annual
Conference.
The Amazonas-4A satellite, a Ku-band satellite
equipped with 24 transponders, is expected to
launch in 2014 and will occupy the company’s
orbital slot over Brazil. It will provide
coverage to the Americas and respond to the
increasing demand of direct-to-home and
high-definition television broadcasts.
Orbital Sciences Corporation was founded in
1982 and specializes in designing, building,
testing and operating small- and medium-size
satellites, rockets and other space systems.
The company provides its space systems products
to commercial customers, such as Hispasat, as
well as to U.S. government agencies, including
NASA, the Department of Defense, and
intelligence agencies. Orbital employs almost
4,000 people, primarily in Virginia and
Arizona, with other smaller locations around
the country.
“Ex-Im Bank has played a critical role in the
financing of several high-value commercial
satellites built by Orbital,” said Garrett
Pierce, vice chairman and chief financial
officer of Orbital. “Ex-Im Bank's participation
has enabled us to compete on a level playing
field around the world and win new
export-related business. In addition, our
success in capturing new orders of
state-of-the-art spacecraft provides hundreds
of high-tech and high-wage jobs for Orbital's
workforce and throughout our extensive network
of U.S.-based suppliers.”
Ex-Im Bank authorized a record-breaking $1.4
billion to finance exports of American-made
telecommunications satellites in FY 2012. In
the first quarter of FY 2013, Ex-Im Bank has
already authorized $516.9 million.
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