MAS closes ECGD bond

Victoria
By Victoria May 29, 2013 10:00

MAS closes ECGD bond

Malaysian Airlines (MAS) has closed a $302 million UK Export Finance-backed bond (ECGD bond). This transaction represents the largest ever ECGD bond issuance and only the fourth ECGD deal. The MAS transaction is also the first ECGD bond deal for an Asian carrier.
The bond, which carries a final maturity of 11.17 years and an average life of 5.89years, priced efficiently at m/s+90 bps, consistent with the prior ECGD bond deal done last month (but for a larger deal size). The transaction refinanced the bank facility financing of four A330s at a spread of m/s + 90 bps and a coupon of 2.312% (swapped equivalent of ~L+55 bps).
Bookrunners were Citi, ANZ, HSBC and Standard Chartered.
The funds will be used to prepay a loan that funded the purchase of four new A330-300 aircraft (MSN 1318, MSN 1336, MSN 1337 and MSN 1347) that delivered on May 2012, July 2012, August 2012 and September 2012 respectively.

Victoria
By Victoria May 29, 2013 10:00
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