Financing of two new Boeing B777-300 ER by Korean Air

Lee & Ko has provided Korean legal advice to Korean Air in a U.S. Ex-Im Bank  guarantee-backed financing for purchase of two (2) new Boeing B777-300ER  aircraft in 2009.  The participating lenders, Calyon (as senior lender), Hana Bank and Korea Development Bank (as junior lenders), extended to Korean Air a loan in  the total amount of approximately USD 323,000,000 (comprised of a senior loan of  USD 286,000,000 and a junior loan of USD 37,000,000) backed by a U.S. Ex-Im  Bank guarantee.  Thanks to the repayment guarantee provided by the U.S. Ex-Im  Bank, Korean Air was able to secure a particularly favorable interest rate on the loan despite the current volatile market conditions.  This financing deal was  successfully closed on 31August 2009.