Atlas closes Ex-Im bond for 747-8F

Washington DC
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New York-based Atlas Air closed a $142 million Export-Import Bank of the US (US Ex-Im)-guaranteed bond financing for a Boeing 747-8 freighter today.

The 12-year secured debt carries a coupon of 2.018% and priced at 75 basis points (bp) over mid-swaps. BNP Paribas and KGS Alpha Capital Markets were joint lead bookrunners.

Boeing delivered the 747-8F, which is registered N850GT and has the manufacturer serial number 37570. It was delivered to Atlas on 31 May and first flew on 15 May, according to Flightglobal's Ascend database. It has four General Electric GEnx engines.

Atlas will operate the aircraft under a long-term contract for Switzerland-based Panalpina.

The bond partially refinances an $865 million loan from Apple Bank for Savings and guaranteed by US Ex-Im that closed in February. The 12-year facility covers six 747-8Fs, which includes the current deal.

Atlas has five additional 747-8F deliveries scheduled for later this year and in 2013, according to Ascend.

The freight operator has already received three 747-8Fs from Boeing.