Castlelake and Boeing Announce Aircraft Financing Collaboration
Castlelake with Boeing and its subsidiary Boeing Capital Corporation announced a partnership to provide delivery financing solutions to commercial aircraft customers for new commercial aircraft deliveries. Through the partnership, Castlelake will seek to provide up to $5 billion of capital for new Boeing commercial aircraft deliveries via senior secured financing, mezzanine financing and high loan-to-value finance leases. Castlelake will have full discretion over which transactions to pursue and the terms of those transactions. The term of the partnership is through December 31, 2022, and can be extended for an additional two years.
CDB Aviation Purchases and Leases Back Nine 737 MAX Aircraft to WestJet
CDB Aviation announced the company has completed the financing for eight of the nine Boeing 737 MAX 8 aircraft under the purchase and leaseback agreement with Calgary-based carrier WestJet. The ninth aircraft is anticipated to close in December 2020. The aircraft were originally delivered to WestJet over the past three years. CDB Aviation Chief Marketing Officer Peter Goodman said “We have formed a strong working relationship with our colleagues at WestJet, and warmly welcome them to our growing family of airline customers across the Americas,we appreciate their trust in our platform and confidence in our ability to deliver this innovational, customized, and large-scale financing.”
Linklaters acts on Nordic Aviation Capital’s US$6bn debt restructuring
Linklaters acted for the ad hoc committee of unsecured RCF lenders on the restructuring of approximately US$6 billion of debt owed by Nordic Aviation Capital implemented by way of a solvent Irish scheme of arrangement and certain bilateral arrangements. The Linklaters team was led by banking partners Bruce Bell (Restructuring & Insolvency) and Olga Petrovic (Asset Finance) supported by managing associate, Juliana Leite de Barros. The Scheme also involved granting the unsecured lenders new security over the entirety of the previously unsecured fleet of 236 aircraft held within the NAC29 part of the NAC group.
NAC delivered one De Havilland Dash 8-400, MSN 4184, to Link PNG on lease
Nordic Aviation Capital (NAC) announced the delivery of one De Havilland Dash 8-400, MSN 4184, to Link PNG on lease. The aircraft was originally scheduled to deliver in 2019, however, due to the impact of COVID-19 on travel restrictions the delivery was postponed. MSN 4184 is the final aircraft to deliver as part of a two aircraft transaction.
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