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21 Nov 2022

Irish Aircraft Leasing Newsletter

ACIA Aero Leasing and IPR Conversions to Convert Three ATR 72-600 Aircraft

Three ATR 72-600 aircraft will be converted into freighters as a group by ACIA Aero Leasing and IPR Conversions (Switzerland) Limited, holders of a Supplemental Type Certificate for the conversion of ATR 42 and ATR 72 aircraft. Two ATR 72-600 Large Cargo Door ("LCD") and one ATR 72-600 Bulk Freighter Cargo ("BFC") conversions will be made as part of this most recent commitment, considerably enhancing the freighter portfolios of both businesses. The companies will start the first conversion in January 2023, with completion anticipated by June 2023. Agreements have been made to carry out conversions across Europe, Canada, and the United States. The final two conversions are anticipated to take place in the first quarter of 2023.

Doug Keatinge becomes the new Head of Communications at Avolon

Doug Keatinge has been appointed head of communications at Avolon. The corporate and financial communications functions in Avolon will be under Doug's direction. Doug has over 20 years of experience in public relations and journalism, most recently as a Partner at Murray Group, a renowned PR firm.Avolon CEO Andy Cronin, said “Avolon has always had an exciting story to tell and I’m very pleased that Doug is joining us to support the next stage of our journey. Doug’s track record of developing and implementing strategic communications programmes will contribute to our success as the refreshed leadership team at Avolon delivers future growth.”

Castlelake Aviation Lending Completes Two Transactions Totalling $100 Million

Castlelake announced that it has deployed $100 million through two new transactions in its Aviation Lending Program. The first of the two transactions is a $75 million senior secured loan through a syndicated facility to a global aviation services group that will be used to finance cargo aircraft. The second is a $25 million senior secured loan to a European long-haul airline that is secured by an engine supporting the airline's global fleet. Castlelake formally launched its Aviation Lending Program in late 2020 to address what it believed to be a systemic lack of financing capacity to serve the aviation sector.

Natixis Corporate & Investment Banking closes pre-delivery payment financing facility for Azorra Aviation

Natixis Corporate & Investment Banking announced the closing of a Pre-Delivery Payment Financing Facility for Azorra Aviation for Airbus A220-300 aircraft. The PDP Facility will finance the initial A220 deliveries from Azorra's twenty-two A220 Family aircraft order book including twenty A220-300s and two ACJ TwoTwenty aircraft. Head of Aviation Americas, Natixis CIB Yevgeniya Levitin, said "We are happy to support the growth of Azorra and partner with this highly experienced team while financing one of the world's most fuel-efficient aircraft.”

New Aviation Leasing and Lending Platforms to be Created by PIMCO and Former GECAS Executives

PIMCO announced it has reached agreement with the former senior executives of GECAS, PK AirFinance, and DVB to form High Ridge Aviation, an aviation asset manager in the commercial aviation sector primarily focused on arranging and structuring competitive financing and liquidity solutions for commercial airline operators worldwide. In order to meet the demands of airlines, lessors, and manufacturers everywhere, High Ridge Aviation's subsidiary, LR AirFinance, will now issue and handle secured aviation loans. High Ridge Aviation will concentrate on providing financing for contemporary, fuel-efficient aircraft as well as exciting opportunities in the cargo, mid-life, and engine asset markets.

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