Korean Air Lines (KAL) has changed the financing of one of its 777-300ER deliveries from an Export-Import Bank of Korea (Kexim) supported bond to a Kexim supported loan, according to a source close to the deal.

The South Korean flag carrier originally mandated three banks on a Kexim supported bond to finance two 777-300ER aircraft. Airfinance Journal understands that, due to market conditions, the airline decided instead to finance just one of the aircraft with a bond and to finance the other with a Kexim-backed loan.

BNP Paribas (BNPP) and Daiwa Securities acted as joint lead managers and joint lead arrangers on the deal. 

The bond is valued at $150 million with a coupon of three month Libor +1%. It has a 10 year tenor and a weighted average life of five years