TAAG Angola Airlines Purchases Boeing 777-300ER Aircraft Backed by Ex-Im BankBy Export-import Bank Of The United States, PRNE
Thursday, June 9, 2011
WASHINGTON, June 10, 2011 -
The national flag carrier of Angola, TAAG Angola Airlines (Linhas Aereas
de Angola) is purchasing Boeing 777-300ER aircraft with GE90 engines assisted
by an approximately $256 million long-term loan guarantee from the
Export-Import Bank of the United States (Ex-Im Bank). The aircraft will be
used to expand TAAG's intercontinental service provided through its
The guaranteed lender is the Private Export Funding Corporation (PEFCO)
in New York, N.Y. HSBC Bank PLC in London, U.K., is the arranger.
A ceremonial signing took place today at Ex-Im Bank headquarters in
Washington, D.C. Participants were Ex-Im Bank Chairman Fred P. Hochberg, TAAG
Angola Airlines Chairman Dr. Pimentel Araujo and PEFCO Senior Vice President
Richard Youtz. Also signing were Matinho Codo, charge d'Affaires of the
Republic of Angola to the United States; Miguel Santos, director of
International Sales for Boeing Commercial Airplanes; and Richard Hodder,
director, Sub-Saharan Africa, Project and Export Finance, HSBC.
"Ex-Im Bank is pleased to add this transaction to our support for Boeing
sales to TAAG Angola Airlines. Our loan guarantees have helped the airline to
access affordable financing and build its fleet in order to provide expanded
air service for Angola. The U.S. aerospace exports financed by this
transaction also will support jobs at Boeing and its hundreds of suppliers
across the United States," said Ex-Im Bank Chairman Fred P. Hochberg.
"This transaction also adds to Ex-Im Bank's significantly increased
support for U.S. exports to sub-Saharan Africa in fiscal year 2011, which has
more than doubled over the previous record set last year," Hochberg added.
"Ex-Im Bank's financing support of our acquisition of 777-300ER aircraft
is critical to TAAG's success in achieving a strongly competitive position in
the Africa-to-Europe marketplace," said Dr. Pimentel Araujo, chairman of TAAG
The transaction is structured as an asset-backed finance lease in which
Ex-Im Bank retains a first-priority security interest in the financed
aircraft. Ex-Im Bank's guarantee is supported by a sovereign guarantee from
the Angolan government.
Ex-Im Bank previously provided approximately $338.5 million in loan
guarantees in 2006 to assist TAAG Angola Airlines in its purchase of B737-700
and B777-200ER aircraft.
TAAG Angola Airlines was founded in 1938 and is based in Luanda, Angola's
capital. The state-owned airline has operated flights both domestically and
internationally and primarily serves the major cities of Angola and cities in
Europe and South America.
About Ex-Im Bank:
Ex-Im Bank is an independent federal agency that helps create and
maintain U.S. jobs by filling gaps in private export financing at no cost to
American taxpayers. The Bank provides a variety of financing mechanisms,
including working capital guarantees, export-credit insurance, and financing
to help foreign buyers purchase U.S. goods and services.
In the first seven months of fiscal year 2011, Ex-Im Bank approved $14.8
billion in total financing authorizations, supporting $17.8 billion in U.S.
export sales. These sales will support more than 129,000 American jobs in
communities across the country. This seven-month authorizations figure is the
highest in the Bank's history.
The TAAG Angola Airlines transaction brings the total of Ex-Im Bank's
authorizations supporting U.S. exports to sub-Saharan Africa in fiscal year
2011 to approximately $1.75 billion - more than double the previous record of
$812 million set in fiscal year 2010.
For more information, visit Ex-Im Bank's Web site at www.exim.gov.
Linda Formella, +1-202-565-3200
Tags: Africa, Angola, District of Columbia, Export-import Bank Of The United States, June 10, Washington