The Export-Import Bank of the United States (Ex-Im Bank) has approved a guarantee of a $350 million loan to provide the funds to assist Textron Inc. in financing the exports by two of its companies, Cessna Aircraft Co. and Bell Helicopter Textron.
The guaranteed lender is PNC Bank in Pittsburgh, Pa.
The Ex-Im Bank-guaranteed loan facility will enable Textron’s Finance segment to provide financing to international customers who take delivery of new Cessna aircraft and Bell helicopters. The facility will be guaranteed by Textron’s captive finance company, Textron Financial Corporation (TFC). The repayment term is 12 years.
This is the second financing facility approved by the bank to assist TFC in supporting Textron’s exports. In May 2009, Ex-Im Bank authorized a $500 million direct-loan facility that has helped to finance the export of more than 100 Cessna business jets and six Bell helicopters.
“Business aircraft and helicopters are an important part of America’s aerospace industry, which is helping to boost U.S. exports to all-time highs. Ex-Im Bank is pleased to approve a second financing facility to support Textron’s exports of Cessna aircraft and Bell helicopters. We anticipate that this facility will add to the success of the first such financing for Textron, which has helped to support hundreds of manufacturing jobs in Kansas, Georgia and Texas,” said Ex-Im Bank Chairman and President Fred P. Hochberg.
“This guaranteed loan facility for the export of Cessna and Bell aircraft is a wonderful example of Ex-Im Bank fulfilling its purpose – facilitating exports to foreign markets where financing isn’t otherwise readily available and preserving American jobs,” said John Klopfer, president and CEO of Textron’s Aviation Finance Group.
In FY 2011, Ex-Im Bank authorized more than $12.6 billion in financing to support the export of U.S.-manufactured aircraft of all types, including approximately $90 million for 10 business aircraft and helicopters exports to four countries – Brazil, Mexico, Panama and Switzerland.
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