Southwest Airlines has closed a $123.5 million loan. The transaction is underwritten by joint lead arrangers BNP Paribas and Calyon. The 10-year facility will finance five 737-700s.
As one of the few investment-grade airlines, Southwest has not been short of funding this year. The airline closed 16 sale/leasebacks with BOC Aviation at the end of 2008 and secured a $330 million loan in May, which was the first time Chinese bank, Industrial and Commercial Bank of China, has participated in a deal that financed a non-domestic aviation borrower.
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