Korean Air Decides to Lend 1.12 Trillion KRW to Hanjin International
[Asia Economy Reporter Minji Lee] Korean Air announced on the 17th that it has decided to provide a loan of 11,214 million KRW (950 million USD) to support Hanjin International's repayment of existing secured borrowings. This amount corresponds to 32.5% of the company's equity as of the end of last year. The interest rate is 4.6%.
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Hanjin International is a local corporation in LA, USA, wholly owned by Korean Air. Korean Air plans to raise 600 million USD of the loan through a secured loan with a one-year maturity, and 50 million USD through an operating fund loan with a one-year maturity. Additionally, 300 million USD will be borrowed from the Export-Import Bank of Korea as a two-year term loan for the purpose of lending to Hanjin International.
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