The U.S. Export-Import Bank has authorized an $87.1 million guarantee of a loan extended by Crédit Agricole and other European lenders to Hispasat Canarias S.L.U., a Hispasat S.A. subsidiary based in Madrid, Spain, that will finance the assembly and purchase of a satellite to be manufactured by Orbital Sciences Corp. of Dulles, Va.
The guarantee, which is Ex-Im Bank’s third transaction with Hispasat, will support about 600 U.S. jobs, according Commerce and Labor department data.
Established in 1989, Hispasat is the fourth largest western European satellite operator and the eighth largest operator in the world. The Amazonas-4A satellite is expected to launch in 2014 and will occupy the company’s orbital slot over Brazil. It will provide coverage to the Americas and respond to the increasing demand of direct-to-home and high-definition television broadcasts.
Orbital Sciences was founded in 1982 and specializes in designing, building, testing and operating small and midsized satellites, rockets and other space systems. The company provides its products to commercial customers, such as Hispasat, as well as to U.S. government agencies, including NASA, the Defense Department, and intelligence agencies.
“Ex-Im Bank's participation has enabled us to compete on a level playing field around the world and win new export-related business,” said Garrett Pierce, vice chairman and chief financial officer of Orbital, in a statement.
The bank authorized a record-breaking $1.4 billion to finance exports of American-made telecommunications satellites in fiscal year 2012. In the first quarter of fiscal year 2013, Ex-Im Bank has already authorized $516.9 million.