Korean Air launched a $193.39 million US Export-Import Bank-guaranteed bond last week to refinance two debt loan transactions closed in 2009.
Through the vehicle, Export Leasing 2009 LLC, the deal priced at market swaps plus 64 basis points (bps) for a coupon of 1.859%, according to a financier.
The secured note facility, which priced on 13 January 2014, matures on 28 August 2021.
Crédit Agricole-CIB and Goldman Sachs jointly arranged the bond.
The transaction follows a floating rate Ex-Im bond launched in December 2013. The Korean carrier issued a $172 million US Export-Import Bank-guaranteed bond arranged by JP Morgan. The pricing is equivalent to three-months Libor plus 25 bps.
Korean Air tapped the capital markets for the first time in February 2013 with a $149 million pre-funded floating rate bond arranged by BNP Paribas.
It issued four additional bonds last year, raising more than $730 million, according to data compiled by Flightglobal.