Major Asian Carrier Maintains All-Boeing Fleet
FOR IMMEDIATE RELEASE April 24, 1996
Linda Formella (202) 565-3200
The Export-Import Bank of the United States (Ex-Im Bank) today authorized financing to support the $122 million sale of two Boeing aircraft to Asiana Airlines, Inc., of Seoul, Korea. Asiana Airlines, a carrier of the Republic of Korea, operates an all-Boeing fleet and is currently expanding its regional and international routes.
Ex-Im Bank's $106.8 million long-term guarantee will enable Asiana Airlines to buy one B737-400 passenger aircraft and one B767-300 freighter. The airline plans to purchase additional Boeing aircraft over the 1996-1999 period as it expands routes in Southeast Asia, North America, and Europe.
The Ex-Im Bank transaction will be structured as an asset- based financing, in which the aircraft serves as collateral. As additional security, Ex-Im Bank will have the joint and several guarantees of three main operating subsidiaries with the Kumho Group, a private Korean conglomerate that owns 75 percent of Asiana Airlines.
The Republic of Korea is one of the fastest growing markets for U.S. exports. Ex-Im Bank`s current exposure in Korea is nearly $900 million.
Ex-Im Bank is an independent government agency that helps finance and promote the sale of U.S. goods and services around the world.