법무법인(유한) 율촌 | Yulchon LLC

Yulchon's C&F team represented Hi Investment & Securities in the refinancing of a subordinated loan in connection with the lease by Singapore Airlines of an Airbus A380 aircraft. Yulchon coordinated with Irish counsel in the setup of an Irish SPC to act as a junior lender to a German SPV, the owner of the aircraft. The Irish SPC funded itself by issuing bonds in Korea.

The refinancing structure consisted of (1) the Irish SPC lending USD 57,075,000 to the German borrower, (2) the Irish SPC issuing bonds in the amount of USD 58,500,000 to raise funds for the Irish SPC and (3) the acquisition of the bonds by another Korean company and the issuance of private placement bonds in the same amount for special asset investment trusts.

Yulchon provided comprehensive legal advice throughout the entire course of the deal, including the structuring of the project, drafting the junior loan agreement, reviewing key transaction documents, reviewing tax issues and the establishment of the Korean SPC. Yulchon worked to successfully conclude the transaction within the required time despite difficulties presented by transaction parties being in different jurisdictions including Australia, Germany, Singapore and Ireland.