LOT Polish Airlines tapped the capital markets on 12 August to fund a Boeing 787 delivery, sources indicate.
The Polish flag carrier issued a new 12-year US Export-Import Bank (Ex-Im) bond transaction through a vehicle, Ulani MSN 35939, refinancing a July delivery.
The transaction closed at a 2.553% coupon equivalent to mid-swap spreads plus 65 basis points.
The 787 (MSN 35939) was delivered on 29 July. It is part of a five-aircraft Ex-Im-guaranteed loan provided by Apple Bank for Savings last November, with an option to refinance four units in the capital markets with KGS-Alpha Capital Markets. Nippon Export and Investment Insurance is a participant in the Ex-Im- guaranteed mandate.
The transaction followed the refinancing of three previous deliveries in the capital markets.
On 9 June LOT issued an Ex-Im bond at 2.677% a coupon equivalent to mid-swap spreads plus 65 basis points.
LOT closed two US Ex-Im backed bonds, totalling $179 million on 20 June, to fund another two 787 deliveries. The first bond, Ulani MSN 37894, totalled $86 million and refinanced a December 2012 delivery. The pricing on the coupon was 2.18% equivalent to mid-swap spreads plus 62 basis points.
The second bond, Ulani MSN 35940, totalled $93 million and refinanced a May 2013 delivery. The pricing on the coupon was 2.22% equivalent to mid-swap spreads plus 62 basis points.