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TheStreet Open House

Ex-Im Approves Approximately $500 Million To Finance Export Of Boeing Dreamliners To Poland

WASHINGTON, Nov. 16, 2012 /PRNewswire-USNewswire/ -- The board of the Export-Import Bank of the United States (Ex-Im Bank) authorized a comprehensive guarantee of an approximately $500 million loan to Polskie Linie Lotnicze LOT S.A. (LOT Airlines) for the export of a fleet of Boeing 787 Dreamliner aircraft to Poland.

(Logo:  http://photos.prnewswire.com/prnh/20110414/MM83673LOGO)

Apple Bank for Savings of New York extended the loan.

Boeing delivered the first Dreamliner to LOT Friday, Nov. 9 in Everett, Wash. The Dreamliner departed Seattle yesterday and arrived in Warsaw, Poland today. LOT will be the first European airline to operate the Dreamliner, and it was also the first European airline to operate the Boeing 767. 

Ex- Im Bank's financing will support approximately 2,500 U.S. jobs, according to bank estimates derived from Departments of Commerce and Labor data and methodology.

"This landmark transaction brings American state-of-the-art aircraft to a competitive marketplace in Europe," said Ex-Im Bank Chairman and President Fred P. Hochberg. "By leveling the playing field, the Bank's financing benefits business in both America and Poland and supports thousands of jobs in the U.S."

Founded in 1928, LOT became the first airline in Central and Eastern Europe to operate American-manufactured aircraft. It is also the only airline that currently offers non-stop flights between the U.S. and Poland. The fleet of Dreamliners, which will contribute to LOT's efforts to simplify, modernize, and upgrade its operations, will continue LOT's non-stop North American service by flying routes to Warsaw from Chicago, New York, and Toronto.

"The Dreamliner delivery is yet another historic first for LOT, already one of the world's oldest continuing airlines, as it becomes the first airline in Europe to operate the 787," said Todd Nelp, vice president for European sales at Boeing Commercial Airplanes. "We're thankful that Poland's flag carrier puts its faith in American aviation know-how, and that Ex-Im Bank is there to support our customers who enable and sustain thousands of U.S. technology jobs."

Nippon Export and Investment Insurance of Japan is co-financing the transaction.

As of the end of FY 2012, Ex-Im Bank's credit exposure in Poland totaled $5.5 million.

ABOUT EX-IM BANK:

Ex- Im Bank is an independent federal agency that helps create and maintain U.S. jobs by filling gaps in private export financing at no cost to American taxpayers. In the past five years (from Fiscal Year 2008), Ex-Im Bank has earned for U.S. taxpayers nearly $1.6 billion above the cost of operations. The Bank provides a variety of financing mechanisms, including working capital guarantees, export-credit insurance and financing to help foreign buyers purchase U.S. goods and services.

Ex- Im Bank approved $35.8 billion in total authorizations in FY 2012 – an all-time Ex-Im record. This total includes more than $6.1 billion directly supporting small-business export sales – also an Ex-Im record. Ex- Im Bank's total authorizations are supporting an estimated $50 billion in U.S. export sales and approximately 255,000 American jobs in communities across the country. For more information, visit www.exim.gov.

SOURCE Export-Import Bank of the United States

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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