Korean Air Lines (KAL) has successfully closed a US$300m secured floating rate notes deal with Standard Chartered Bank (SCB). This transaction represents the first US dollar denominated securitisation of passenger ticket sales predominately on KAL’s North America routes. SCB is the sole arranger and lead manager while KDB is the credit facility provider and swap provider. The transaction has a maturity date of October 2014 and a floating rate coupon of one-month US dollar Libor + 200 bps.
KAL has been active in the cross-border asset-backed securities (ABS) market, having previously issued five JPY-denominated ABS. This transaction represents the first US dollar-denominated ABS and the sixth cross-border ABS.
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