Cargolux debuts $150m Ex-Im bond

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Luxemburg-based Cargolux Airlines has issued a US Export-Import Bank (Ex-Im) -guaranteed bond to finance a new Boeing 747-8F delivery, market sources indicate.

The $150 million bond was arranged by joint bookrunners Crédit Agricole Corporate & Investment Bank and Goldman Sachs.

Through the vehicle, VCA Lease LLC, the deal priced at market swaps plus 47 basis points (bps) for a coupon of 1.859%.

The 747-8F (MSN 35808) was delivered last week.

The transaction marks the first time the cargo carrier uses the capital markets for financing an aircraft.

Last year Cargolux's vice president of corporate finance Yves Germeaux told Flightglobal that the cargo carrier was considering Ex-Im bond financing on a delivery scheduled for October. In 2012, Cargolux received four new 747-8Fs, which were all financed through Ex-Im-supported loans.

The Luxemburg-based carrier operates 10 747-400F and six 747-8F aircraft. It has two additional 747-8F deliveries scheduled for 2013, according to Flightglobal's Ascend Online database as well as another four in 2014.

Last year cargo carrier Atlas Air tapped the capital markets for its 747-8F through three issuances in transactions worth $430 million. BNP Paribas and KGS Alpha Capital Markets were joint lead bookrunners on each transaction.