1. Supporting the Space Industry:
The Role of EXIM Bank
Structured & Project Finance Division
Technology Sector Transaction Team
2. EXIM: Overview
• Independent US Government agency financing exports of US made
goods and services since 1934.
• Products include Loan Guarantees and Direct Loans, Export Credit
Insurance, and Working Capital Guarantees.
• A “Reasonable assurance of repayment” must exist for each
transaction.
• Eligible use of funds includes purchase of US satellites and equipment,
US launch services, US-brokered launch insurance, US advisory
services, and up to 30% of local costs.
• EXIM has been critical to the growth of the commercial space industry.
• EXIM’s financing for satellite exports in the last two years grew faster
than in any other sector at EXIM Bank!
3. EXIM: Benefits
• Cost-effective source of financing for international customers.
• Long-term fixed rate USD Direct Loans.
• Loan Guarantees in USD as well as other major foreign currencies.
• Flexibility to finance insurance, launch services, and satellite as one
complete package and/or parallel finance with other Export Credit
Agencies or commercial banks.
• Pre-export Letters of Interest provided in support of US bidders
(http://www.exim.gov/tools-for-exporters/applications-forms/letter-of-
interest)
• Sector-focused deal team with extensive experience executing complex
corporate, structured and project finance transactions globally.
• Repayment terms up to 8.5 years.
4. Fastest EXIM Growth Sector
EXIM BANK AUTHORIZED SATELLITE TRANSACTIONS 2000 -
2015FY PROJECT/BORROWER COUNTRY EXPORTER FINANCED
AMOUNT (in millions)
2002 Shinsat Thailand Loral $185.0
2005 Binariang Malaysia Boeing $96.4
2006 Measat Malaysia Orbital $94.2
2010 Hispasat Spain Loral $174.8
2011 Hispasat Canarias Spain Loral $228.3
2013 Hispasat Canarias Spain Orbital $87.0
2010 Avanti Indigo UK Orbital $215.5
2011 Inmarsat Switzerland Boeing $700.0
2011 SES Luxembourg Loral $158.0
2011 Azercosmos Azerbijian Orbital $116.6
2012 Mexsat Mexico Boeing, Orbital $922.0
2012 Eutelsat France Loral $64.0
2012 Vinasat Vietnam Lockheed $126.0
2012 Newsat Australia Lockheed $281.0
2013 ABS Hong Kong Boeing, Loral, SpaceX $425.0
2013 AsiaSat Hong Kong Loral, SpaceX $343.3
2013 Spacecom Israel SpaceX $106.1
2014 BulgariaSat Bulgaria Loral, SpaceX $151.0
2014 Innova SkySat Mexico Orbital $79.6
2014 Inmarsat UK Boeing $185.9
2014 Viasat UK Boeing, SpaceX $524.9
GRAND TOTAL $5,264.6
5. EXIM Critical to Industry’s Growth
• Initial deals for ground stations in Spain, Thailand, Brazil, Chile, and Pakistan
(1967-1968)
• Forty deals in 30 countries worldwide for ground stations enabling access to
Intelsat network (1970s-1990s)
• Financing for first orbiting satellite, Indonesia’s Palapa-1 (1975)
• First financing of launch insurance for Brazil (1985)
• Sovereign, corporate, and structured deals totaling $5.26 billion in
authorization (2000-2014)
• EXIM satellite financing grew from an annual average of $50 million (2000-
2008) to $1.1 billion (2011-2014)
• Largest satellite financings in EXIM’s history, $700 million to Inmarsat (2011)
and $922 million to Mexsat (2012)
6. Case Study: SSL/SpaceX Sale to AsiaSat
► In 2013 EXIM authorized a $343.3
million Long-Term Direct Loan to
AsiaSat to finance the purchase of two
communications satellites designed and
built by Space Systems/Loral in Palo
Alto, CA.
► EXIM's Loan also financed launch
services supplied by SpaceX
(Hawthorne, CA), and launch insurance
from Marsh (New York, NY).
► AsiaSat 6, a C-band satellite, and
AsiaSat 8, a Ku/Ka-band satellite, were
launched in 2014.
► AsiaSat now has a total of six satellites
in orbit and is providing communication
services to customers across Southeast
Asia.
7. Case Study: Boeing Sale to Inmarsat
► In 2011 EXIM authorized a $700 million
8.5-year fixed-rate Direct Loan to finance
the sale to Inmarsat of three satellites
designed and built by Boeing Space.
► EXIM’s support was critical to the
competitiveness of Boeing Space’s
winning bid.
► The Loan financed three Boeing Ka-band
702HP satellites for the Inmarsat-5 project
as well as related launch insurance.
► The Inmarsat-5 constellation is part of
the Global-X network that provides
continuous global coverage for Inmarsat’s
mobile satellite communications services.
► This transaction represented the largest
corporate satellite financing in EXIM’s
history.
8. Case Study: Orbital Sale to Hispasat
► In 2013 EXIM authorized an $87.1 million
Euro-denominated Loan Guarantee to
finance the export of a Ku-band satellite
manufactured by Orbital Sciences
Corporation.
► EXIM’s Guarantee covered a European
bank syndicated loan to a subsidiary of
Hispasat (Madrid, Spain).
► The Guarantee represented EXIM’s third
transaction with Hispasat.
► Hispasat’s Amazonas-4A satellite, a Ku-
band satellite equipped with 24
transponders, was launched in 2014 and
occupies an orbital slot over Brazil.
► Amazonas-4A is meeting the increasing
demand in Latin America for direct-to-
home and high-definition television
broadcasts.
