The Irish office of law firm Maples and Calder has advised Avolon, the aircraft leasing group, on the completion of its initial capital raise of USD1.4bn.
The capital raised includes an equity commitment of USD750m from three private equity firms, Cinven, CVC and Oak Hill Capital, and a USD400m warehouse facility, the first facility of its type completed since 2007.
Nollaig Murphy (pictured), partner and head of the finance group at Maples, says: “We are pleased to serve as legal adviser to Avolon which demonstrates our firm’s credentials within this sector.”
Andrew Doyle, managing partner at Maples, adds:, “We are delighted to have advised Avolon since formation. We look forward to continuing our relationship with Avolon to support their stated objective of becoming a global leader in aircraft leasing. This transaction continues Maples track record as adviser of choice for high-profile, complex transactions in Ireland.”
USD750m of equity capital was committed equally by private equity firms Cinven, CVC and Oak Hill Capital.
A USD400m warehouse debt financing facility was arranged by UBS with additional lenders Credit Agricole, Deutsche Bank and KfW.
A USD215m term debt financing facility was provided by DVB Bank.
Avolon has executed contracts and letters of intent for the purchase of 26 aircraft. A number of other transactions are in advanced stages of discussion with airlines globally. Avolon also provides lease management services on a further two aircraft.
Denis Nayden has been appointed chairman of Avolon with over 30 years’ experience in the aircraft leasing sector.
