The U.S. Export-Import Bank (Exim) this week honored Gulfstream Aerospace with its “Deal of the Year” award, recognizing a risk-sharing transaction that supported the export of a Gulfstream G650 to a customer in the Czech Republic. The public-private financing partnership also included Apple Bank for Savings, AirFinance, Marsh’s Aircraft Finance Insurance Consortium, and AXIS Insurance. Exim’s part involved a $10 million medium-term loan guarantee under a transaction approved in February 2019 through delegated authority before Exim had its quorum restored by the U.S. government in May 2019. A quorum is required for larger loans.
Apple Bank for Savings in New York provided Euro-denominated financing initiated through AirFinance, an Exim Qualified Advisor. Aircraft Finance Insurance Consortium (AFIC) arranged risk mitigation with AXIS Insurance. Apple Bank made two loans for the financed portion of the contract, one supported by an insurance policy from AXIS, and a second one guaranteed by Exim. The buyer paid the balance in cash.
Exim estimated the transaction helped support hundreds of U.S. jobs at Savannah, Georgia-based Gulfstream and its suppliers.
Exim chair Kimberly Reed presented the award to Ira Berman, Gulfstream senior v-p for administration and general counsel, in a ceremony on January 13. “The numerous individuals who worked together to reach an innovative solution to facilitate this deal, along with our exceptional Exim staff, are to be commended,” Reed said.