Korean Air has closed a $149.197 million pre-funded Eximbond to finance one 777F (msn 37640). This is the airline’s first Ex-Im Bank guaranteed bond issuance and the first Ex-Im Bank guaranteed prefunded floating rate bond ever issued globally. It is also the first prefunded Eximbond ever issued by an Asia Pacific airline. The issuer is KE Export Leasing (2013-A) LLC, a special purpose lessor set up within an aircraft financing structure for Korean Air. The oversubscribed bonds priced at three month $L+250bps – which is the lowest floating rate achieved by any issuer since the product launched in October 2009.
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