Asiana Airlines has closed a US$370m asset backed securities (ABS) deal. Standard Chartered Bank and the Korea Development Bank (KDB) were the joint lead managers (JLMs), while KDB is the credit facility provider and Standard Chartered Bank Korea and KDB are the swap providers. This transaction represents the securitisation of passenger ticket sales predominately on Asiana’s Japan routes. The transaction has a maturity date of February 2017 and a floating rate coupon of 1-month US dollar LIBOR +300bps.
Chang Soo Han, executive vice president (EVP) and chief financial officer (CFO) at Asiana Airlines, said: “Asiana is pleased to close the deal successfully, especially under the current market conditions. This is the first five-year transaction backed by a Korean airline company’s passenger ticket sales in Japan since the first cross-border ABS of this kind was issued in 2000. We appreciate all the parties who participated in the deal, especially Standard Chartered Bank and KDB for their hard work and support.”
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