Dublin-based lessor Accipiter, a unit of Cheung Kong Holdings, has closed a $1.2 billion refinancing with 11 banks of portfolios of aircraft purchased in 2014 from three lessors.
The portfolio comprises 41 narrowbody aircraft and 2 widebody aircraft.
According to a filing to the Hong Kong Stock Exchange, between August and November 2014 Cheung Kong purchased 21 aircraft from Gecas for approximately $816 million. It also purchased 10 aircraft from BOC Aviation for $492 million and 14 aircraft from Jackson Square Aviation for $584.2 million.
At the time, the company paid for the aircraft with cash due to its high cash reserves. The $1.2 billion facility will refinance these aircraft.
The facility was oversubscribed by a group of 11 banks, including: BNP Paribas, Bank of China, Bank of Tokyo Mitsubishi, CA-CIB, Citi, MUFG (as Debt Arranger), Commonwealth Bank of Australia, DBS Bank, Deutsche Bank, Natixis, National Bank of Australia and Sumitomo Mitsui Trust Bank.
CA-CIB and Natixis are acting as debt coordinators. CA-CIB is acting as the facility agent and security trustee and BNP Paribas is the hedge counterparty.
Milbank, Tweed, Hadley & McCloy represented Accipiter and Clifford Chance represented the mandated lead arrangers.
