Luxemburg-based Cargolux Airlines has returned to the US Export-Import Bank (Ex-Im) -guaranteed bond market to finance a new Boeing 747-8F delivery, according to a source.
The $155.9 million pre-funded bond was arranged BNP Paribas, he says.
Through the vehicle VCI Lease the deal priced at a coupon of 2.817% on 23 September. The 747-8F (MSN 35822) was delivered on 25 September.
The transaction marks the third time the cargo carrier uses the capital markets for financing an aircraft.
In its debut bond in March, it financed another 747-8F in a deal that priced at market swaps plus 47 basis points (bps) for a coupon of 1.859%.
In May it returned to the capital markets with a $155.55 million bond featuring a 12-year stretched overall amortisation repayment (SOAR) loan arranged by Crédit Agricole-CIB. BNP Paribas was the arranger and sole bookrunner in the transaction. Crédit Agricole-CIB is also agent of the SOAR loan.
The transaction priced at a 1.736% coupon.
The new delivery is the cargo carrier’s ninth 747-8F in its fleet. Cargolux has two deliveries scheduled in 2014.