Cargolux Airlines is considering tapping the capital markets for a new Boeing 747-8F delivery through an Export-Import Bank of the US (US Ex-Im)-guaranteed bond financing.
The cargo carrier, which has received four of the 13 747-8Fs it has on backlog, has financed the first four units with JP Morgan arranging Ex-Im guaranteed financing. Cargolux received Ex-Im approval in November 2009 for a total of six 747-8Fs. Last year, JP Morgan Chase, Private Export Funding Corp. (PEFCO) and Credit Agricole-CIB were mandated as the guaranteed lenders on Cargolux's requests for US Export Import guarantees.
The next 747-8F delivery in August has been mandated to PEFCO, which will arrange a 12-year Ex-Im guaranteed financing but of the two deliveries scheduled in Ocotber this year Cargolux is in the market for a bond.
"We are considering Ex-Im bond financing on the delivery scheduled in October," Cargolux's vice president of corporate finance Yves Germeaux tells Flightglobal Pro at the Ascend Finance Forum London 2020.
Earlier this month Atlas Air closed a $142 million Ex-Im guaranteed bond financing for a Boeing 747-8F. The 12-year secured debt carries a coupon of 2.018% and priced at 75 basis points over mid-swaps. BNP Paribas and KGS Alpha Capital Markets were joint lead bookrunners.
Cargolux also operates 12 747-400Fs and plans to rollover them with a total of 13 new 747-8F in the coming years. Germeaux says Cargolux has definitely invested in the 'right aircraft' for the business.