Ex-Im Bank Provides $350MM Guarantee to Support Textron Financial
The Export-Import Bank of the U.S. has approved a guarantee of a $350 million loan facility to provide the funds to assist Textron in financing the exports by two of its companies, Cessna Aircraft Company and Bell Helicopter Textron. The guaranteed lender is PNC Bank.
The Ex-Im Bank-guaranteed loan facility will enable Textron’s Finance segment to provide financing to international customers that take delivery of new Cessna aircraft and Bell commercial helicopters. The facility will be guaranteed by Textron’s captive finance company, Textron Financial Corporation (TFC). The repayment term is 12 years.
This is the second financing facility approved by the Bank to assist TFC in supporting Textron’s exports. In May 2009, Ex-Im Bank authorized a $500 million direct-loan facility that has helped to finance the export of over 100 Cessna business jets and six Bell helicopters.
“This guaranteed loan facility for the export of Cessna and Bell aircraft is a wonderful example of Ex-Im Bank fulfilling its purpose – facilitating exports to foreign markets where financing isn’t otherwise readily available and preserving American jobs. We greatly value our relationship with Ex-Im Bank, and we are proud of the work they do,” said John Klopfer, president and CEO of Textron’s Aviation Finance Group.