07/23/2012 | Press release

U.S. Bank Helps Fuel Future Space Flight as Bank behind SpaceX

distributed by noodls on 07/23/2012 11:41

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HAWTHORNE, Calif.--(BUSINESS WIRE)--Jul. 23, 2012-- Bankers joined scientists on the edge of their seats in May as the SpaceX Dragon capsule successfully berthed with the International Space Station. The SpaceX Dragon was the first privately-owned spacecraft in history to deliver supplies to the Space Station astronauts.

U.S. Bank was the first lender and bank partner of Hawthorne-based Space Exploration Technologies Corp. (SpaceX). With a senior credit facility that supports their day-to-day business, U.S. Bank will continue to support SpaceX as they expand private space flight, delivering supplies to the space station in the years following the retirement of NASA's Space Shuttle program.

"We were thrilled to watch SpaceX make history," said Sean Foley, regional chairman of U.S. Bank in southern California. "The team at SpaceX deserves tremendous recognition not only for their pioneering role in this new era of space flight, but also for creating a model for efficiency and environmental consciousness in the rockets and capsules they have built. We're proud to be their bank."

The SpaceX Falcon 9 rocket features enhanced reliability, responsiveness and cost over competitors' offerings. The Dragon capsule is a free-flying, fully reusable spacecraft. Upon its return to Earth, the capsule remains intact and is capable of making a return trip to space.

"We were the first bank to extend a credit facility to them with terms that were flexible for the company so they could maintain cash flow to purchase equipment, stock inventory and manage their day-to-day working expenses," Foley added. "This was significant in that the company had limited operating history, but we were able to structure a facility that worked for them and us."

"U.S. Bank has been an extraordinary partner," said Gwynne Shotwell, President of SpaceX. "While SpaceX continues to push the boundaries of space technology, U.S. Bank's credit facility has really allowed us to run our business effectively."

About SpaceX
SpaceX designs, manufactures and launches the world's most advanced rockets and spacecraft. With a diverse manifest of more than 40 launches to resupply the space station and deliver commercial and government satellites to orbit, SpaceX is the world's fastest growing launch services provider. In 2012, SpaceX made history when its Dragon spacecraft became the first commercial vehicle to successfully attach to the International Space Station-a feat previously achieved by only four governments. With the retirement of the space shuttle, the SpaceX Falcon 9 rocket and Dragon spacecraft are carrying cargo, and one day will carry astronauts, to and from the space station for NASA. Founded in 2002 by Elon Musk, SpaceX is a private company owned by management and employees, with minority investments from Founders Fund, Draper Fisher Jurvetson, and Valor Equity Partners. The company has more than 1,800 employees in California, Texas, Florida and Washington, DC. For more information, visit www.spacex.com.

About U.S. Bank
U.S. Bank has more than 700 branches and 7,000 employees in California, with 226 branches and nearly 2,700 employees in Los Angeles alone. U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.

Source: U.S. Bank

U.S. Bank Public Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com
or
SpaceX Public Relations
Katherine Nelson, 310-363-6447
katherine.nelson@spacex.com

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