More Than $170 Million In Export Financing Approved For Aerovias de Mexico | Aero-News Network
Aero-News Network
RSS icon RSS feed
podcast icon MP3 podcast
Subscribe Aero-News e-mail Newsletter Subscribe

** Airborne 10.29.14 ** HD iPad-Friendly -- Airborne 10.29.14 **
** Airborne 10.27.14 ** HD iPad-Friendly -- Airborne 10.27.14 **
** Airborne/NBAA2014 10.24.14 ** HD iPad-Friendly -- Airborne/NBAA2014 10.24.14 **

Sat, Jun 23, 2012

More Than $170 Million In Export Financing Approved For Aerovias de Mexico

Ex-Im Bank Deal Benefits Boeing, Delta, Honeywell And Others

The board of directors of the Export-Import Bank of the United States (Ex-Im Bank) on Thursday 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.

FMI: www.exim.gov

Advertisement

More News

Airborne 10.29.14: Antares Launch Failure, GAMA Responds, Another 'Roadable'???

Also: Dragon Returns, Quadcopter Flown At Airliner?, Classic Aero-TV: Redhawk, Diesel Flt School Airplanes, WWII Bomber Found The unmanned Antares rocket built by Orbital Science C>[...]

Classic Aero-TV: ‘Have it Your Way!’ – The SPA Panther

A New Single-Seat SportPlane Shows Great Potential For Serious Fun While at the Sport Aviation Expo 2014, ANN CEO and Editor-In-Chief, Jim Campbell stopped by to talk with Dan Wese>[...]

AD: Bombardier, Inc. Airplanes

AD NUMBER: 2014-21-07 PRODUCT: Certain Bombardier, Inc. Model CL-600-2C10 (Regional Jet Series 700, 701, & 702) airplanes, Model CL-600-2D24 (Regional Jet Series 900) airplanes>[...]

AD: Airbus Airplanes

AD NUMBER: 2014-21-10 PRODUCT: Certain Airbus Model A330-200 and -300 series airplanes, and Model A340-200 and -300 series airplanes.>[...]

ANN's Daily Aero-Linx (10.31.14)

Ex-MACs This group is made of retired McDonnell Engineers, most of whom began their careers at MAC either on the F101, F3H or F4H programs.>[...]

blog comments powered by Disqus



Advertisement

Advertisement

Podcasts

Advertisement

© 2007 - 2014 Web Development & Design by Pauli Systems, LC