Cargo carrier Atlas Air has issued a US Export-Import Bank (Ex-Im) -guaranteed bond to refinance a new Boeing 747-8F aircraft.
The 12-year $143 million bond was arranged by joint bookrunners BNP Paribas and KGS Alpha. The transaction, which was oversubscribed, priced at market swaps plus 50 basis points (bps) for a coupon of 1.825%.
The aircraft (MSN 37567) delivered on 18 May. It is Atlas Air's ninth and final 747-8F delivery.
Last year BNP Paribas and KGS Alpha acted as joint lead bookrunners for four separate 12-year Ex-Im bond transactions on behalf of Atlas Air for the financing of four 747-8F via a vehicle, Helios Leasing.
In the first half of 2012, Atlas Air achieved 2.018% coupon rate or mid-swap plus 75 bps its first capital market transaction. In July the carrier refinanced another 747-8F at mid-swap plus 70 bps for a coupon of 1.734%. In September the $143 million issuance was priced at mid-swap plus 55 bps for a coupon of 1.562%.
In December, Atlas Air achieved a record low coupon of 1.48% for its $143.15 million US Export-Import (Ex-Im) Bank-backed bond offering with a 12-year average life. The deal priced at market swaps plus 48.1 bps.
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.