Atlas Air priced and issued 12-year Ex-Im bonds this week to re-finance its fifth Boeing 747-8F, which is being wet leased to Panalpina.
The $142.7 million issuance was priced at midswap plus 70bps for a coupon of 1.734%, becoming the lowest coupon achieved on an Ex-Im bond with a six-year average life.
The transaction was heavily over-subscribed and featured several first-time Ex-Im bond buyers.
Apple Bank for Savings, the arranging Bank, originally financed the aircraft as part of an $865 million term-loan facility for six 747-8F deliveries to Atlas Air in 2012 and 2013.
BNP Paribas and KGS Alpha Capital Markets were the joint lead bookrunners.
Milbank represented the underwriters; Pillsbury represented the issuer; and Vedder Price represented the Ex-Im Bank in the transaction.