Korea Line issues 180 billion won in ABS

Korea Line succeeded in securing low interest long-term funds on July 24, issuing around 180 billion won worth of Asset Backed Securities (ABS).
The ABS is based on sales bonds to happen over the next five and a half years from seven vessels which Korea Line has operated according to long term orders with POSCO.
The ABS issued by Korea Line bears interest of three month long - LIBOR + 0.8% ranked “AAA” by Moody’s Investors Service, an American credit rating company.
An official in the company said, “We received very low interest rates thanks to healthy assets. We succeeded in acquiring sufficient liquidity despite unstable international financial markets.” He also added that the company was able to further stabilize its financial structure as well as cut financial costs by refunding compared high interest debt.