Chicago, Nov. 17 – Hana Card 2023-1 International Ltd. issued $300 million of asset-backed floating-rate notes (//Aaasf) backed by credit card receivables originated by Hana Card Co., Ltd., according to an offering document.
The two-part transaction consists of $150 million of class A1 notes and $150 million of class A2 notes.
The class A1 social notes were not covered under the same prospectus as the class A2 notes.
The $150 million of class A2 notes priced at par and will bear interest at SOFR plus 85.5 basis points.
The expected maturity date is in February 2027, and the legal maturity date is in February 2028.
Hana Card entered into a currency-related swap agreement.
DBS Bank Ltd. was the lead manager.
Seoul-based Hana Card was established in December 2014 after the merger of KEB Card Co., Ltd. and Hana SK Card Co., Ltd.
| Issuer: | Hana Card 2023-1 International Ltd.
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| Originator: | Hana Card Co., Ltd.
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| Amount: | $300 million
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| Issue: | Asset-backed notes
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| Bookrunners: | DBS Bank Ltd
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| Trustee: | Citibank Korea Inc.
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| Counsel to issuer: | Walkers (Hong Kong)
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| Counsel to underwriters: | Tiang & Partners and Kim & Chang
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| Settlement date: | Nov. 15
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| Ratings: | Fitch: Aaa (sf)
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| Distribution: | Regulation S
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| Class A1
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| Amount: | $150 million
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| Issue: | Class A1 secured floating-rate social notes
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| Maturity: | 2028
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| Class A2
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| Amount: | $150 million
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| Issue: | Class A2 secured floating-rate notes
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| Maturity: | February 2028
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| Coupon: | SOFR plus 85.5 bps
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| Price: | Par
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| ISIN: | XS2712417638
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