Capital-intensive industries and assets face considerable uncertainties and unprecedented disruptions. In an era of global COVID-19 pandemic and economic pressures, companies in a broad range of sectors must make significant decisions about their operations, investments, capital expenditure programs, risk management approaches and other legal and business challenges – often across multiple jurisdictions.
Our international experience and deep resources support clients with these and other needs, whether by helping to access much-needed liquidity, purchase more assets at attractive prices, take advantage of financing opportunities, lead restructuring negotiations or resolve insolvency situations.
Supporting our clients as they optimize their strategies
We are a recognized leader and innovator in asset-based and structured financing transactions. We have been involved in every significant development in asset-based finance, including in the cross-border market, and have pioneered many of the tax, legal and financial structures used in countries around the world.
Our global platform and substantial industry knowledge combine to put us in a unique position to navigate the complexities, challenges and opportunities our clients are facing. The products, transaction structures and commercial solutions we have developed give our clients a competitive edge in the implementation of their business strategy, whether in the optimization of their investments, gaining access to new and competitive sources of financing or in addressing the risks they face in an ever more complex legal, regulatory and operating environment.
The asset finance business and our role
We have substantial experience and knowledge in a wide range of sectors, including:
- Commercial aviation, private jet and helicopter financing
- Shipping and maritime
- Rail equipment and infrastructure
- Energy and other facility financings
- Mining and metals
- Telecommunications and satellites
Our lawyers are recognized market leaders in the application of all products related to complex asset-based and structured financings, including: aircraft finance non-payment insurance (ANPI) financings; tax and operating leases (including all types of Japanese operating lease transactions); warehouse loan facilities and pre-delivery payment financings; export credit agency (ECA) and manufacturer-supported financings; and numerous bank finance and debt capital markets-based transactions (including enhanced equipment trust certificate "EETCs" and asset-based securitization financings). We advise and represent clients on capital market equity raises and in high-profile bankruptcies and restructurings. We also routinely advise on acquisitions of and/or investments in leasing companies and asset portfolios, secured and unsecured bridge and revolving credit financings, and a wide range of regulatory and asset repossession matters.
We represent all the participants in asset-based and structured finance transactions – including asset owners, operating companies, manufacturers, financial institutions, private equity and hedge funds, equity investors, lenders, lessors, lessees, investment advisors, corporate trustees, credit providers, joint venture participants, debt and equity syndicates and multiple ECAs. Our understanding of the unique needs of all these participants allows us to craft specific strategies designed to help our clients reach their business goals and to address the challenges and opportunities they encounter.
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AWARDS & RECOGNITION
"Peers commend the practice as "a well-structured team" that is "very proactive and very capable in dealing with extensive workloads involving complex issues."
"They're an excellent firm with strong geographic coverage. They know the industry and are a team we enjoy working with."
Chambers Global 2020, Asset Finance
Listed among "Most Highly Rated Aviation Firms" by Who's Who Legal in 2019
Tier 1 in Equipment Finance Law 2011 – 2019
U.S. News & World Report—Best Lawyers: Best Law Firms
Latin America Deal: Avianca UKEF JOLCO
Middle East & Africa Deal of the Year: Africa Ethiopian Airlines' AFIC financing for five Boeing 737-8 aircraft
Europe Deal of the Year: JOLCO financing of a portfolio of 12 Embraer E190 aircraft
Airfinance Journal 2018
Aircraft Lessor Debt Deal of the Year (Asia): Vermillion Aviation
JOLCO Deal of the Year (Latin America): Avianca UKEF JOLCO
AFIC Deal of the Year (Africa): Africa Ethiopian Airlines’ AFIC financing for five Boeing 737-8 aircraft
Global Transport Finance 2018
Transaction of the Year: UASC-Hapag-Lloyd merger
Industrials Deal of the Year: UASC-Hapag-Lloyd merger
M&A Advisor 2018
Securitization Deal of the Year: Northvest 2
Marine Money International 2018
Overall Deal of the Year: KAL AFIC supported aircraft financing
Tax Lease Deal of the Year: Aeromexico
Airfinance Journal 2017
Deal of the Year: UASC-Hapag-Lloyd merger
EMEA Corporate Growth Awards 2017
Deal of the Year: UASC-Hapag-Lloyd merger
Islamic Finance News 2017
Global Deal of the Year: UASC-Hapag-Lloyd merger
Lloyd's List 2017
M&A Deal of the Year: UASC-Hapag-Lloyd merger
Marine Money 2017
US$1 billion loan facilities for SMBCAC
Representation of the Japan Bank for International Cooperation (JBIC) on its US$1 billion loan facilities for SMBC Aviation Capital Limited (SMBCAC).
Representation of Waypoint Leasing and its affiliates as special aviation counsel in connection with its Chapter 11 bankruptcy proceedings, including the sale to Macquarie Rotorcraft of approximately 125 aircraft on lease to 42 different lessees in 29 jurisdictions.
Airfinance Journal's European Deal of the Year 2018
Representation of Deutsche Bank in a US$227M JOLCO financing of a portfolio of 12 Embraer E190 aircraft leased by a leading regional aircraft lessor to an African Airline, a Spanish Airline and a Mexican Airline.
Global Transport Finance's "AFIC Deal of the Year: Africa 2018"
Representation of ING Capital and Société Générale in connection with a 12-year senior loan facility to finance Ethiopian Airlines Group’s first five Boeing 737-800 aircraft. The senior loan facility is structured with Aircraft Non-Payment Insurance (ANPI) cover under the Aircraft Finance Insurance Consortium (AFIC) programme, and represented the carrier’s first AFIC deal.
Global Transport Finance's "JOLCO Deal of the Year: Latin America 2018"
Representation of Avianca in connection with a US$100 million loan guaranteed by UK Export Finance (UKEF) to finance one B-787-8 aircraft. The UKEF loan was structured as a JOLCO that was arranged by Burnham Sterling & Co, with Sumitomo Mitsui Finance and Leasing Co providing the equity.
Global Transport Finance's "Aircraft Lessor Debt Deal of the Year: Asia 2018"
Representation of Vermillion, the leading Ireland-based aircraft leasing company and a joint venture between Cheung Kong Holdings and MC Aviation Partners. Our Japan-based banking & finance team advised Vermillion in connection with a large-scale, US$950 million secured financing for the refinancing of a portfolio of 40 aircraft. The US$950 million facility was provided by a group of 10 banks.
Airfinance Journal’s "Overall Deal of the Year 2017"
Representation of ING Capital LLC, as lender and loan agent, in connection with the first ever aircraft finance non-payment insurance (ANPI) financing, which involved the financing of a new 747-8i aircraft on financial lease to Korean Air Lines. The transaction is the first time commercial insurance was used as an alternative to a guarantee from The Export-Import Bank of the United States.
United Arab Shipping Company Merger with Hapag-Lloyd
Representation of United Arab Shipping Company Limited (UASC) and its major shareholders Qatar Investment Authority (QIA) and the Public Investment Fund of Saudi Arabia (PIF) on UASC's merger with Hapag-Lloyd AG, a listed company headquartered in Hamburg, Germany. The merger creates the world's fifth biggest liner shipping company. The combined company, Hapag-Lloyd AG, has a fleet of 230 vessels and a shared fleet capacity of approximately 1.6 million TEU. It remains a listed company in Germany. This transaction won numerous awards including being named "Transaction of the Year" and "Industrials Deal of the Year" by M&A Advisor 2018; "Deal of the Year" by EMEA Corporate Growth Awards 2017; "Deal of the Year" by Islamic Finance News 2017; "Global Deal of the Year" by Lloyd’s List 2017; and "M&A Deal of the Year" by Marine Money 2017.
Airfinance Journal’s "Tax Lease Deal of the Year 2016"
Representation of Aeroméxico in connection with their first JOLCO financing of three 787-9 aircraft.
Marine Money’s "Structured Finance Deal of the Year 2016"
UASC in an innovative enhanced maritime trust certificate (EMTC) transaction that combined features from other tested transportation financings, including the EETC model used for decades by US air carriers (and, more recently, by international air carriers), adjusted to incorporate a variety of traditional maritime features and to address creditor concerns regarding the multijurisdictional bankruptcy and other risks highlighted by recent events in the sector.
Airfinance Journal’s "Export Credit Deal of the Year 2016"
The world’s first-ever Coface-guaranteed bond transaction financing ATR aircraft. Coface, as guarantor, in the US$143.7 million guaranteed floating rate notes privately placed and due 2025 by Aeronautic Investments 18 Limited, a financing structure vehicle for Transportation Partners.
Airfinance Journal’s "Capital Markets Unsecured Debt Deal of the Year 2016"
Morgan Stanley, as lead underwriter, in Alitalia’s €375 million senior unsecured bond private placement on the Irish Stock Exchange. The largest private placement transaction to have taken place in Italy to date.
Marine Money’s "ECA Deal of the Year 2016"
Nordea Bank Finland plc, New York Branch, as facility agent, security agent, global coordinator, mandated lead arranger and bookrunner in an up to US$581 million senior secured credit facility for Gener8 Maritime Subsidiary II Inc. (wholly owned subsidiary of Gener8 Maritime, Inc.), to refinance existing debt of General Maritime Corporation relating to 25 tanker vessels.
Global Transport Finance's "Shipping Deal of the Year– Middle East 2015"
United Arab Shipping Company in an innovative capital markets transaction, utilizing an EMTC (enhanced maritime trust certificate) financing structure that combined features from other transportation financings.
Global Transport Finance's "Rail Capital Markets Deal of the Year 2015"
The landmark establishment of a €1.25 billion common terms financing platform, enabling Alpha Trains to refinance parts of its existing debt and provide common covenant terms for raising future debt.
US$525 million loan for ViaSat-2 broadband satellite
US Ex-Im Bank direct loan to support the satellite's construction, launch and insurance.