Export-Import Bank OKs $289M Loan for Boeing Satellites; Craig Crooning Comments

Craig Crooning

The U.S. Export-Import Bank has authorized a $289.71 million direct loan to Asia Broadcast Satellite of Hong Kong for the purchase of two Boeing-made (NYSE: BA) geostationary satellites.

According to a release from the bank, the transaction will finance the first two of Boeing’s all-electric-propulsion commercial satellites and the first launch of a SpaceX satellite backed by the bank.

The bank also approved a $171.29 million direct loan to ABS for the purchase of a geostationary satellite from Space Systems/Loral Inc., bringing the total value of the transactions to nearly $461 million.

“The bank’s support of this important satellite operator, one of two launch customers, finds it again at the forefront of helping fulfill a global opportunity with an advanced-technology, American-made product, ” said Craig Cooning, CEO of Boeing’s satellite systems international business.

The two satellites are planned to launch in 2015 from Cape Canaveral, Fla.

Insurance from Aon and technical support are also included in the loan for the Boeing satellites.

According to bank estimates, the transactions will support more than 3, 700 jobs, using data and methodology from the departments of Commerce and Labor.

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