O’Melveny & Myers LLP recently represented Standard Chartered Bank, as sole arranger in the ¥40 billion (US$481 million) securitization of Korean Air’s ticket sales on routes between Japan and Korea. Korea Finance Corporation provided extra protection in the form of a ¥41.22 billion credit facility and Korea Development Bank provided an interest rate swap.
The securitization is a re-issuing of the 2007 Korean Air transaction and is the largest Asian airline receivables securitization to date. The transaction was well received by investors and is further evidence of a returning demand for ABS.
“We are delighted to have represented Standard Chartered Bank and BNY Mellon in its capacity as Note Trustee, Security Agent, Transaction Administrator, Bond Issuer Administrator, Registrar, and Account Bank, in this transaction and to have once again assisted Korean Air in their financing activities. The two-month execution timeframe is a record for a transaction of this complexity,” said O’Melveny & Myers partner Neil Campbell who led the deal.
Campbell has advised on all six of the Yen airline receivables securitizations ever completed in Asia.
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