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Monday, November 21, 2005

Ex-Im Bank Supports Gulfstream Aerospace Sale of Executive Jets to Saudi Arabia

An Export-Import Bank of the United States (Ex-Im Bank) long-term loan guarantee will support the export by Gulfstream Aerospace Corp., Savannah, Ga., of three G350 business jet aircraft to National Air Services (NAS), Jeddah, Saudi Arabia. Ex-Im Bank announced its approval of the financing in conjunction with the Dubai Air Show being held in Dubai November 20-24, 2005.

Gulfstream has more than 7,200 employees at seven major locations in the United States. The G350 aircraft will be manufactured in Savannah. The planes include components produced by numerous U.S. sub-suppliers including Aerostructures Corp., Nashville, Tenn.; Goodrich Avionics Systems Inc., Grand Rapids, Mich.; Honeywell International Inc., Phoenix, Ariz.; and Parker Hannifin Corp., Ogden, Utah.

Gulfstream announced last May that it had signed a letter of intent with NAS for the purchase of the G350 aircraft. The approval of the Ex-Im Bank financing for NAS has resulted in NAS and Gulfstream finalizing this purchase. The Ex-Im Bank transaction is structured as an asset-backed financing, with the aircraft serving as collateral. Arab Banking Corp., New York, N.Y., the branch office of Arab Banking Corp., Bahrain, is the guaranteed lender on the transaction. Gulfstream designs, manufactures and markets a complete line of technologically advanced business jet aircraft.

Source: Export-Import Bank of the United States via Yahoo Finance

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