Stellwagen Finance (formerly Aviation Finance Company) has tapped the Spanish market to close a structured sale and leaseback deal for an Emirates Boeing 777-300ER (MSN 42338). Spanish banks Bankinter, Banco Popular and Caixabank are providing the senior tranche of a commercial loan used to fund the acquisition of the aircraft. UAE-based Noorbank is providing the junior debt through a Murabaha loan, according to the source. The person adds that the aircraft is on lease to Emirates for 12 years. The equity was provided through a private placement note arranged by Stellwagen Group. The source adds that there were three different equity investors that contributed to the note.

Stellwagen Group arranged the overall transaction. Allen & Overy London acted for the equity investors and arranger. Clifford Chance Abu Dhabi acted for the lenders. Pillsbury acted for Emirates and Walkers advised on the Irish law.