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Aerospace

September 08, 1993|From Times Staff and Wire Reports

Loans Offered for Saudi Jet Purchase: The U.S. Export-Import Bank will provide up to $4.8 billion in financing if Saudi Arabia's airline buys 60 to 80 new planes from McDonnell Douglas Corp. The loan guarantees set the stage for competition between McDonnell and Boeing Co., since the bank last month offered guarantees of $6.2 billion for buying the aircraft from Boeing. A spokesman for the airline, Saudia, refused to comment. President Clinton reportedly has persuaded King Fahd to buy U.S.-made jets. McDonnell Douglas shares rose 50 cents to $84.50 on the NYSE Tuesday, and Boeing climbed 25 cents to $39.875. The airline has not yet chosen a supplier, said Anne Frey of the bank.

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