ING closes aircraft financing for Korean Air

The financing comprises of a 12-year loan guaranteed by the Eximbank funding fund 85% of the net purchase price of the aircrafts.

Last week ING Bank closed a $403 million aircraft financing for Korean Air to fund the purchase of three aircrafts from Boeing. Out of the three aircrafts equipped with Pratt Whitney engines, one is a 777-200ER passenger aircraft delivered on September 24, while the other two 747-400 freighter aircrafts are slated for delivery in October 2002 and February 2003.

The financing comprises a 12-year loan guaranteed by the Export-Import Bank of the United States Eximbank funding 85% of the net purchase price of the aircrafts. Korea Development Bank provided additional financing in the form of a five-year loan to finance 10% of the net purchase price.

ING acted as both advisor on obtaining the guarantee...

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