Munich-based EMP Structured Assets has arranged a 12-year operating lease transaction for one Emirates A380 with MSN 234, delivered new in Hamburg on November 30. This is EMP´s fourth A380 and the eighth Emirates widebody during the last two years. After having financed one A380 and four B777-300ER with Korean junior E-note investors in 2016, this is EMP´s first A380 with a 100% financing by Korean financial institutions. Five major banks closed a $214 million senior loan facility in US dollars and Euros. The junior tranches with first and second priority loan notes were underwritten by a Korean asset manager.
“This is a milestone transaction for us as well as for our friends at Emirates,” says Philipp Prior, Managing Partner of EMP. “We are proud to have five major Korean banks in this deal, which demonstrates our strong footprint in Korea and the continuing attractivity of Emirates in this important market.”
On the legal side, Bird&Bird Frankfurt acted for the EMP lessor, Clifford Chance Bangkok, Yulchon and Jipyong, Seoul, for the Korean lenders and Pillsbury for Emirates.