Ex-Im Bank Approves $105.4 Million Loan to Finance SpaceX Launch
August 23, 2013
(Ex-Im Bank)
Washington, D.C. – Continuing its support of the space industry in America, the
Export-Import Bank of the United States (Ex-Im Bank) has authorized a $105.4
million loan to Space Communication Ltd. of Ramat Gan, Israel, to finance the
Space Exploration Technologies (SpaceX) launch of the Amos-6 communications
satellite, the purchase of American made-solar arrays, and insurance brokered by
Marsh USA (Marsh).
The transaction is Ex-Im Bank’s third in support of a SpaceX launch, and it will
support approximately 600 U.S. jobs in California and elsewhere, according to
bank estimates derived from Departments of Commerce and Labor data and
methodology. In June of 2013, Ex-Im Bank announced that it had approved
financing for the launches of two satellites manufactured by Space Systems/Loral
LLC, and in November of 2012 the Bank announced that it had approved financing
for the launches of two Boeing-manufactured satellites.
“Ex-Im Bank is always ready to help the American space industry boost its
international sales and export its products to important markets,” said Ex-Im
Bank Chairman and President Fred P. Hochberg. “Our support of American launches
and exports levels the playing field for U.S. companies and keeps
highly-skilled, well-paying jobs on American soil.”
Satellite financing represents Ex-Im Bank’s most prominent stand-out sector in
the Bank's newly transformed portfolio. Just three years ago, satellites
accounted for only $50 million in authorizations per year. This year numbers as
the third consecutive year in which Ex-Im Bank's satellite sector authorizations
will have topped $1 billion.
Amos-6, a geosynchronous satellite, will replace Space Communication’s Amos-2
and cover markets in Central and Eastern Europe and the Middle East. The
satellite will also provide pan-European coverage and broadband services in
Europe and Africa.
The launch is scheduled for 2015.
Founded in 2002 and headquartered in Hawthorne, Calif., SpaceX designs,
manufactures and launches rockets and spacecraft. It is the first private
company to build, launch, and dock spacecraft at the International Space
Station, a mission previously accomplished only by government space entities.
“We appreciate Ex-Im Bank’s support of both SpaceX and the U.S. space industry,”
said Gwynne Shotwell, SpaceX president and chief operating officer. “With export
financing for contracts like the AMOS-6 mission, Ex-Im Bank helps SpaceX compete
successfully with international launch service providers, bringing overseas
satellite launch business and high-tech jobs back to American soil.”
ATK Space Systems Inc., a participant in the transaction and a manufacturer of
the solar arrays for the satellite, is a member of the ATK Aerospace Group. The
company provides a broad portfolio of products and services that include
integrated satellite bus systems, world-class multidisciplinary engineering
services, and market-leading integrated thermal-control systems.
Founded in 1871, Marsh is a global leader in insurance brokering and risk
management. The company has approximately 26,000 colleagues who collaborate to
provide advice and transactional capabilities to clients in over 100 countries.
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