press releases
O’Melveny Represents Standard Chartered Bank in US$300 Million Securitization Transaction
December 01, 2011FOR IMMEDIATE RELEASE
Contact:
Julie Fei Andrea Rodeschini
O’Melveny & Myers LLP O’Melveny & Myers LLP
213.430.7792 212.326.2251
jfei@omm.com arodeschini@omm.com
HONG KONG ─ DECEMBER 1, 2011 ─ O’Melveny & Myers LLP represented client Standard Chartered Bank as arranger and various Citibank entities as note trustee (and related roles) in the US$300 million securitization of Korean Air's US$ receivables arising from the sale of airline tickets and related services where customers pay using MasterCard or Visa cards. The Korea Development Bank further provided a credit facility of approximately US$316 million as well as an interest rate swap.
The transaction, which was completed within two months, is a first for Korean Air and is the third securitization for Korean Air in the last 12 months on which O'Melveny has acted. The transaction was well received by investors and is further evidence of a returning demand for asset backed securities in Asia.
The O’Melveny team was led by partners Neil Campbell, Joel Hogarth, Peter Ritter, Luc Moritz, and David Johnson, counsel Bronwen May, Rachel Springer, and Nicole Sabado Green, and associates Frankie Tong, Daniel Lai, and Debarupa Agarwala.
About O’Melveny & Myers LLP
With approximately 800 lawyers in 15 offices worldwide, O’Melveny & Myers LLP helps industry leaders across a broad array of sectors manage the complex challenges of succeeding in the global economy. We are a values-driven law firm, guided by the principles of excellence, leadership, and citizenship. Our commitment to these values is reflected in our dedication to improving access to justice through pro bono work and championing initiatives that increase the diversity of the legal profession. For more information, please visit www.omm.com