Aviation & Transport Finance: Experience

Some examples of our experience include:

Asset-backed securitisations

  • Sculptor Capital on its LUNAR 2020-1 and SOLRR 2021-1 ABS transactions.
  • Irish transaction counsel to the Initial Purchasers on the aviation sector's first broadly syndicated aircraft loan securitisation whereby SALT 2021-1 Trust issued a total of US$893.5m of notes backed by loans secured by 156 aircraft operated by 45 airlines operators located in 29 jurisdictions.
  • Irish transaction counsel on Castlelake's CLAS 2021-1 ABS and CLAS 2017-1R ABS transactions.
  • Irish transaction counsel on Merx Aviation’s MAPS 2021-1, MAPS 2019-1 and MAPS 2018-1 ABS transactions.
  • Irish transaction counsel on Air Lease Corporation’s BBIRD 2021-1 and TBOLT I, TBOLT II and TBOLT III ABS transactions.
  • Irish transaction counsel on Carlyle Aviation Partners’ AASET 2021-1, AASET 2021-2, AASET 2020-1 and AASET 2019-2 ABS transactions.
  • GECAS and the issuer in the START 2019-2, START 2019-1 and START 2018-1 ABS transactions.
  • Irish transaction counsel on Stellwagen’s RAPTOR 2019-1 ABS transaction.
  • Irish transaction counsel on Wings Capital’s WAVE 2019-1 and WAVE 2017-1 ABS transactions.
  • Irish transaction counsel to Vx Capital on its VX Cargo 2018-1 ABS transaction.
  • Irish transaction counsel on Avenue Capital's Stellar 2021-1 ABS transaction.

New platforms/portfolio acquisitions/joint ventures

  • GECAS on its partnership with PIMCO to develop US$3bn supported aviation leasing platform.
  • Air T, Inc. on its establishment of an Irish platform.
  • Fly Leasing Limited on its issuance of an additional US$100m aggregate tack-on unsecured senior notes which were fungible with the company's existing approximately US$290.4m aggregate senior notes.
  • Griffin Global Asset Management on its Palisade Aviation joint venture with Bain Capital Credit and US$1bn secured warehouse facility.
  • GECAS on its migration of 40 aircraft owning trusts onto the Global Aircraft Trading System (GATS).
  • Sky Leasing in connection with the establishment of its new platform in Ireland.
  • Castlelake in connection with its acquisition of a portfolio of aircraft from CMIG.
  • CCB Financial Leasing on its JV with Artic Aviation.
  • Irish transaction counsel on the US$4bn sale by DVB Bank of a number of its aviation platforms to MUFG Bank.
  • Ping An on the establishment of Clover JV.

Mergers & acquisitions

  • Irish counsel to Castlelake, L.P. in its creation of Castlelake Aviation Limited a corporate lessor commercial aircraft that specialises in financing modern, young, fuel-efficient aircraft and its associated financing arrangements including a mix of secured and unsecured debt instruments.
  • Irish counsel to GE on the US$30bn combination of GECAS and AerCap.
  • Carlyle on its US$2.36bn acquisition of Fly Leasing.
  • Irish counsel to InterGlobe in connection with its acquisition of Airborne Capital.
  • PK Airfinance on the sale of its operations to Apollo Global Management, LLC and Athene Holding Ltd.

Restructurings

  • Several creditors to Norwegian Air during its Irish examinership proceedings.
  • Voyager Aviation on its out-of-court exchange offer restructuring.
  • Group of secured creditors to Nordic Aviation Capital on its Irish scheme of arrangement and Chapter 11 restructuring.

Warehouse, portfolio and other financings

  • Irish transaction counsel on ASL Aviation's secured term loan facility with Goldman Sachs and Pacific Western to finance 16 aircraft.
  • Deutsche Bank and Goldman Sachs on their US$580m secured financing of the acquisition by Stonepeak Infrastructure of an aircraft loan portfolio from National Australian Bank.
  • Deutsche Bank on its US$3bn syndicated loan to Lufthansa.
  • KfW on its Balthazar supported financing of one widebody aircraft with Crianza Aviation and Singapore Airlines.
  • Irish counsel on the first AFIC-supported financing structured through Ireland for Smartwings.
  • US Ex-Im and AFIC joint supported financing by Apple Bank of a Gulfstream jet.
  • NCB Capital on establishing its Dara Aviation platform and Murabaha aircraft warehouse facility.
  • Aergo Capital on its Sharia compliant sale and leaseback of two widebody aircraft with Singapore Airlines.
  • Irish counsel to AAR and Napier Park in connection with a warehouse facility arranged by Credit Suisse.
  • Aero Capital Solutions in connection with its second fund and related warehouse facility.
  • Carlyle in relation to the Irish law aspects of its TUI PDP financing arrangements.
  • Carlyle in relation to the Irish law aspects of its SAS PDP financing arrangements. 
  • Irish transaction counsel on Wings Capital's secured term loan facility with Goldman Sachs, Royal Bank of Canada and Natixis and to finance the acquisition of a portfolio of aircraft.
  • Many other warehouse facilities as counsel for both lenders and borrowers including for Chorus Aviation, Sculptor Capital, Stellwagen, Air Lease, Merx Aviation and Apollo Global Management.