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
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
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