Ex-Im Bank, Air India Conclude $1 Billion Financing Transaction

The Export-Import Bank of the United States (Ex-Im Bank) and the National Aviation Company of India Ltd. (NACIL, also known as Air India) today held a signing ceremony to celebrate the $1.1 billion Ex-Im Bank-supported financing of U.S.- manufactured aircraft sold by The Boeing Co. to NACIL.
At a ceremony held at Ex-Im Bank headquarters, the financing documents were signed by Ex-Im Bank Chairman and President Fred P. Hochberg, NACIL Chairman and Managing Director Arvind Jadhav, and JPMorgan Chase & Co (New York) head of Global Structured Trade Finance, Astar Saleh. Also at the ceremony and representing the Government of India was Joint Secretary and Financial Advisor to the Ministry of Civil Aviation of India, Bharat Bhusan.
The Indian government has provided Ex-Im Bank with a payment guarantee of Air India's obligations under the financing backed by the full faith and credit of the Republic of India.
Today's transactions represent the second partial conversions of two Ex-Im Bank preliminary commitments to final commitments. The final commitments were approved by Ex-Im Bank's board of directors in June 2009. Ex-Im Bank is guaranteeing loans extended by JP Morgan Chase & Co.
29/01/10 Financial

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Categories: Foreign Jan 2010, NACIL Jan 2010