Korean Air has approached financiers for the financing of five upcoming Boeing 747-8 deliveries after receiving approval from the US Export-Import bank.

The request for proposals, worth around $1 billion, includes four 747-8 passenger aircraft scheduled for delivery in July, August, October and November this year, as well as one 747-8 Freighter due in July.

The 747-8 passenger jets are the first four from a 10-aircraft order with Boeing. The 747-8F is the sixth unit and the Seoul-based carrier has one additional delivery due in 2016.

Korean Air is also asking for junior loans through its RFP, says one financier.

Bids have to be sent by 25 March.

The Korean flag carrier financed the first two 747-8F deliveries under Ex-Im guarantee with JP Morgan the arranger of the facilities.

In March 2013, it tapped the capital markets to refinance a new 747-8F delivery. The carrier issued a floating-rate $166 million US Export-Import Bank-guaranteed bond jointly arranged by Credit Agricole CIB and Goldman Sachs.

Last month, HSBC arranged an Ex-Im-guaranteed loan covering a new 777F for Korean Air. That aircraft, MSN 37642, was delivered on 24 February.

The SkyTeam alliance member recently placed a new order for five 777Fs.

Source: Cirium Dashboard