USD 590mn senior and junior financing solely underwritten by Deutsche Bank to finance a diverse portfolio with 30% off-lease aircraft. Complex structure devised to provide the Issuer with the requisite leverage for the acquisition, whilst mitigating risks to the lenders. Incremental leverage was obtained through the provision of a junior tranche, also underwritten by Deutsche Bank as sole structuring agent and MLA. Complex intercreditor provisions were negotiated, protecting the rights of the senior lenders vis a vis their first ranking claim on the assets, whilst providing the junior lenders with reasonable commercial rights in a default or enforcement scenario. Portfolios were acquired by NAC from three parties, with multiple draws which added to the complexity of the structure.  One of the counterparties was ALC where NAC acquired their entire regional jet fleet, building upon NAC’s acquisition of ALC’s turboprop fleet in 2015.  Certainty of funds from DB’s underwrite was critical to a successful closing for both parties.