25 Mar 2019

Irish Aircraft Leasing Newsletter 25 March

Avolon’s First Unsecured Bank Term Facility Upsized by 66% to US$500M Avolon announced 19 March the closing of its inaugural US$500 million three year unsecured term loan facility. The transaction was oversubscribed and upsized by over 60% based on the original launch size of US$300 million. Avolon intends to use the net proceeds from the financing for general corporate purposes, which may include the future repayment of outstanding secured indebtedness. The financing was led by Natixis and Sumitomo Mitsui Trust Bank, Limited who acted as joint mandated lead arrangers, underwriters and bookrunners for the deal. Lenders to the facility consist of a group of 13 international banks from across Asia, Europe and the United States. Ennis Aviation Entrepreneur To Receive Alumni Award From NUI Galway Dómhnal Slattery is the founder of Avolon, which is now the third largest aircraft leasing firm worldwide, by fleet value. His alma mater NUI Galway has named him as the winner of the Alumni Award for Business and Commerce for 2019 and will be presented with the award at a gala banquet on 13April. FPG Amentum and FPG arrange the acquisition of an A320-200 on lease to ANA Holdings FPG and FPG Amentum announced 15 March the acquisition of an Airbus A320-200. The aircraft was acquired from another lessor at delivery from Airbus and is on lease to ANA Holdings Inc. Nordic Aviation Capital has successfully completed the largest ever Senior Unsecured Private Placement issued by an aircraft lessor Nordic Aviation Capital (NAC) announced 20 March that it has successfully completed its third Senior Unsecured Private Placement issuance. The issuance, rated BBB by Kroll Bond Rating Agency, was launched at USD250 million and was substantially oversubscribed allowing NAC to source a total of USD786.25 million. This is believed to be the largest US private placement by an aircraft leasing company. The new transaction consists of five and seven year tranches, with the proceeds being used to refinance aircraft within our portfolio. They will rank pari passu with all other unsecured indebtedness of the issuer, a wholly- owned subsidiary of NAC. Steve Gorman Chief Funding Officer said “There is no doubt that the US Private Placement market with this record USD786 million transaction again demonstrates important value to NAC and great support to NAC’s business model and funding strategy. The trust in NAC’s business which has again been shown by a range of investors may well lead to further issuing in due course,” Ryan DeBrusk joins Nordic Aviation Capital as Head of Marketing Americas Nordic Aviation Capital (NAC) announced 18 March its plan to appoint Ryan DeBrusk as Head of Marketing Americas, effective 2 April 2019. Following the successful transition of Ryan to this role, Neville Taylor will retire from the position later this year. Ryan will have responsibility for NAC’s airline marketing team within the Americas and will report to the company’s CMO, Mathieu Duquesnoy. Acumen Aviation © 25 March 2019 All Rights Reserved.