EY’s Financial Services Aviation Finance practice was delighted to advise on three “Deals of the Year” for 2018, announced at the Airfinance Journal Awards in New York in May 2019.
Congratulations to our three award-winning clients:
Lessor Unsecured Bond Deal of the Year: Avolon’s $1bn five-year senior unsecured notes
This issuance was upsized from an initial target volume of $750 million and priced at 5.125%, benefitting from improved market sentiment following the announcement of the ORIX 30% stake acquisition transaction. EY’s John McCormack and Pat O’Driscoll supported on this deal. Avolon was also announced as Lessor of the Year, a testament to the hard work and dedication of its chief executive officer Domnhal Slattery and the Avolon TRIBE.
Overall Capital Markets Deal of the Year: Air Lease Corp’s TBOLT II $450m ABS for 18 aircraft
This transaction incorporated a ground-breaking 144A tradeable E-note. Thunderbolt II was the first aircraft ABS Deal to use a Passive Foreign Investment Company (PFIC) tax structure that facilitates off-shore ownership and removes tax-related transfer restrictions. This deal was advised on by EY’s John Hannigan and Michael Moroney.
Editor’s Deal of the Year: Fly Leasing’s & Incline’s 84-aircraft portfolio acquisition
Of the 84-aircraft portfolio, 79 aircraft are leased back to AirAsia and its affiliates. This transaction was described as a ‘game changer’ for Fly Leasing as it exposed the lessor to new narrowbody technology aircraft. This deal was advised on by EY’s John Hannigan and Michael Moroney.
EY is the leading global provider of professional services to the aviation sector, with over 2,000 professionals worldwide providing services to nearly every facet of the industry. We are unique in being the only Big 4 firm to have invested in a formal Global Aviation Sector Group, to address technical issues, coordinate knowledge sharing and leverage our vast industry experience for the benefit of our client. Read more about our Aviation Finance practice and if you have a question, don’t hesitate to contact us.