Cessna, Bell Get Export Financing Help
The board of the U.S. Export-Import Bank (Ex-Im Bank) authorized a $500 million direct-loan facility to provide funds to assist Textron in financing exports from subsidiaries Cessna Aircraft and Bell Helicopter. The available capital will enable Textron to continue to provide financing to international customers that take delivery of new Cessna and Bell aircraft by December next year. Ex-Im Bank funding is needed because Textron Financial (TFC) has been unable to finance with funds raised in the capital markets as it has in the past. TFC will be the ultimate source of repayment for the Ex-Im Bank facility and will retain the credit risk of the international buyers.