Bank of the West and "Predator" Manufacturer Ink New Loan Agreement
FOR IMMEDIATE RELEASE
Aug 27, 2007
SAN DIEGO, CA –August 27, 2007 – Bank of the West and General Atomics Aeronautical Systems, Inc. (GA-ASI) of Rancho Bernardo today announced completion of a new $300 million credit facility as the company expands manufacturing and sales of Predator® series unmanned aircraft systems for military and commercial applications worldwide. The bank and GA-ASI have had a financial relationship since 1995, when the company was pioneering development of unmanned military aircraft systems.
“The operational effectiveness, endurance, versatility, relatively low cost and safety of Predator and Predator B aircraft in Iraq and Afghanistan have contributed to GA-ASI’s success in supplying the U.S. Air Force, U.S. Army, NASA, and other government agencies,” said SVP Cory Brazas, regional manager of the bank’s National Banking office in San Diego. “The company is now expanding to supply a variety of unmanned reconnaissance aircraft to the United Kingdom, and is pursuing relationships in Canada and Australia.”
“Bank of the West has shown great flexibility and versatility in matching our growth rate almost since our inception,” said Neal Blue, GA-ASI’s chairman and CEO. “The bank’s syndication ability and willingness to grow with us has provided a highly valued service to the company and the defense effort.”
About Bank of the West
Founded in 1874, $58.4 billion-asset Bank of the West (www.bankofthewest.com) is the second-largest commercial bank based in California. Bank of the West offers a full range of corporate, business, trust, international and personal banking services, including syndication of larger corporate loans. The bank currently operates more than 700 banking locations in 19 Western and Midwestern states, including 90 in Southern California. Bank of the West’s holding company BancWest Corporation is a subsidiary of BNP Paribas, a global financial institution.
General Atomics Aeronautical Systems, Inc., an affiliate of General Atomics, provides comprehensive solutions for military and commercial applications worldwide. The company’s Aircraft Systems Group is a leading designer and manufacturer of proven unmanned aircraft systems, including Predator, Predator B, and Sky Warrior®, and provides pilot training and support services for field operations. The Aircraft Systems Group is currently developing the next-generation U.S. Army Sky Warrior, featuring a heavy-fuel engine, triple-redundant avionics and increased armament capability. The company’s Reconnaissance Systems Group designs, manufactures, and integrates the Lynx® SAR/GMTI radar onto both manned and unmanned aircraft, as well as the integrated Magnum (Raptor view) high-resolution EO/IR sensor package. Since its establishment in 1993, the company has expanded the acceptance and application of unmanned aircraft systems within the United States and among allied forces around the globe. For more information, please visit www.ga-asi.com.
Predator, Sky Warrior and Lynx are registered trademarks of General Atomics Aeronautical Systems, Inc.
For more information contact:
Public Relations Manager
General Atomics Aeronautical Systems, Inc.