Comment on EIB-2013-0029-0001

Asiana Airlines Application for Final Commitment for a Long-Term Loan or Financial Guarantee in Excess of $100 million (EIB-2013-0029-0001) The Triumph Group endorses approval of the above transaction. The Export-Import Bank is an independent federal agency that provides export financing for American companies in foreign markets where commercial financing isn't readily available. Last year, Ex-Im financed $35.8 billion in U.S. exports. Because of the fees and interest it charges borrowers, the bank is self-sustaining, having returned several billion to the U.S. Treasury. The Bank asserts itself as a strong advocate for U.S. technology among foreign competitors; a sustainer of jobs for leading industries like aerospace; and a supplemental source of financing when commercial markets are disrupted. In the commercial-aircraft realm, the Bank's support comes mostly in the form of loan guarantees, using the credit of the Treasury to stand behind loans from commercial banks. In the current market where credit has significantly tightened, Boeing has counted on the Ex-Im Bank to buffer the financing disruption in the commercial markets by providing financing alternatives for overseas customers. More than 80 percent of the backlog for Boeing Commercial Airplanes is currently for overseas airlines. That backlog amounts to more than $375 billion. As a significant supplier to Boeing, the Triumph Group and our more than 10,000 US employees are similarly reliant upon the loan guarantees of the Ex-Im Bank for international sales. For these reasons, the Triumph Group urges approval of the proposed transaction. June 3, 2013