Orrick advises Standard Chartered Bank and Korea Development Bank in US$370 million securitization

Hong Kong – Orrick, Herrington & Sutcliffe represented Standard Chartered Bank and Korea Development Bank (KDB) as joint lead arrangers, KDB and Standard Chartered Bank Korea Limited as swap providers and DB Trustees (Hong Kong) Limited as note trustee, in the US$370 million securitization of future-flow airline ticket receivables originated by Asiana Airlines, Inc. The yen-denominated receivables arise from the sale of passenger airline tickets on Asiana’s flights between Japan and Korea.

This transaction is Asiana’s sixth cross-border securitization since its first issuance in 2000 and the second airline-related securitization in recent months where Orrick has advised KDB. In November 2011, Orrick assisted KDB on the ground-breaking Korea Airlines future-flow securitization which was awarded “Deal of the Year” by several publications.

Michelle Taylor, head of Orrick’s Asia structured finance and securitization team, said: “We have seen a significant rebound in securitization matters recently, with Korea remaining one of the most active markets in Asia. We are pleased to be able to assist our long-time clients in these challenging, multi-jurisdictional transactions and congratulate Asiana on their successful offering.”

About Orrick

Orrick, Herrington & Sutcliffe LLP is a global law firm with more than 1,100 lawyers in 23 offices in North America, Europe and Asia. The firm focuses on litigation, complex and novel finance and innovative corporate transactions. Orrick’s clients include Fortune 100 companies, major industrial and financial corporations, commercial and investment banks, high-growth companies, governmental entities, start-ups and individuals.

Orrick’s Greater China team of over 100 legal professionals in Beijing, Hong Kong and Shanghai has an almost 40 year track record in advising Chinese and international clients on domestic and cross-border matters including mergers and acquisitions, foreign direct investment, securities offerings, private equity, investment funds, securitization and structured finance, real estate finance and development, project finance, litigation and arbitration, intellectual property, restructuring, competition and antitrust law.

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