Manama, Bahrain: Arab Banking Corporation is pleased to announce the successful close of a US$60.5 million seven year loan facility for Riyadh-based National Air Services (NAS). The Facility is supported by a guarantee from the Export-Import Bank of the United States (“Ex-Im Bank”).
The Facility finances the delivery payments for NAS of the purchase of six Hawker 750 model aircraft from US-based Hawker Beechcraft Corporation. NAS has already taken delivery of three of the Hawker 750s.
NAS is the largest private operator of business jets in the Middle East and the leading provider of VVIP and executive air transport services in the region. The six Hawker 750s, each a high-performance, ultra-comfortable, light-midsize business jet, represent an important component in NAS’ airline system.
About the parties involved
Arab Banking Corporation, known as ABC, is an international universal bank headquartered in Manama, Kingdom of Bahrain, with a network spread across 21 countries in the MENA, Europe, the Americas and Asia. ABC, founded in 1980, is listed on the Bahrain stock exchange and its major shareholders are the Kuwait Investment Authority, Central Bank of Libya and Abu Dhabi Investment Authority.
Ex-Im Bank is an independent U.S. government agency that assists in financing the export of U.S. goods and services to markets around the world, through export credit insurance, loan guarantees and direct loans. In fiscal year 2008, Ex-Im Bank authorized a total of $14.4 billion in financing to support an estimated $19.6 billion of U.S. exports worldwide.
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