Asset Finance

About

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.

 

View all lawyers in Asset Finance

 

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  2021, Asset Finance 

Ranked in the top five law firms for aviation globally
Airfinance Journal Aviation Legal Survey 2021

Listed among "Most Highly Rated Aviation Firms"
Who's Who Legal 2019 

Tier 1 in Equipment Finance Law 2011 – 2019
U.S. News & World Report—Best Lawyers: Best Law Firms

Guaranteed financing Deal of the Year: Skywest Airlines 
Airfinance Journal Awards 2020
Green Finance Deal of the Year: International Seaways Operating Corporation
Marine Money 2020

Africa Deal of the Year: Air Austral
Used Aircraft Deal of the Year: Nordic Leisure Travel Group
Latin America Deal of the Year: Avianca financings
Airfinance Journal Awards 2019

Editor’s Choice Deal of the Year: Nordic American Tankers
Offshore Innovation Deal of the Year: FPSO Cidade de Mangaratiba MV24
M&A Deal of the Year: Diamond S Shipping Inc.
Marine Money 2019

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 

 

Experience

eVTOL Aircraft Purchase
Representation of Archer Aviation in relation to the investment and purchase by United Airlines, Inc. of Archer's electrically powered vertical takeoff and landing (eVTOL) aircraft.

European Organisation for the Safety of Air Navigation (Eurocontrol)
The mandated lead arrangers on the €272 million term loan facility for Eurocontrol. The loan facility would support the continuous operation of safe and effective air navigation services in the European network as part of a COVID-19 financial relief package.

Airfinance Journal's Latin America Deal of the Year 2019
Representation of Avianca in its export credit-supported financing for more than 70 Airbus aircraft and the restructuring of the ECA-supported fleet of AviancaTaca Holding.

Airfinance Journal's Africa Deal of the Year 2019
Representation of Air Austral in relation to the multi-jurisdictional pre-delivery financing of three Airbus aircraft

Airfinance Journal's Latin America Deal of the Year 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 Japanese Operating Lease with Call Option (JOLCO).

Airfinance Journal's Middle East & Africa Deal of the Year 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, guaranteed by the Aircraft Finance Insurance Consortium.

Airfinance Journal's Europe Deal of the Year 2018
Representation of Deutsche Bank in a US$227 million 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.

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).

Waypoint Leasing
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.

UACC’s Precedent-Setting Merger
Representation of United Arab Chemical Carriers Limited (UACC) on entering into a definitive merger agreement to be acquired by United Overseas Group Ltd (UOG).

Marine Money’s Green Finance Deal of the Year 2020
Representation of Nordea Bank Abp, New York Branch, ABN AMRO Capital USA LLC, Crédit Agricole Corporate & Investment Bank, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (Publ) as mandated lead arrangers and bookrunners, BNP Paribas and Danish Ship Finance A/S as lead arrangers, and Nordea Bank Abp, New York Branch, as administrative agent, collateral agent and security trustee, on the provision of an up to US$350 million term loan facility and a US$40 million revolving credit facility used by International Seaways Operating Corporation to refinance certain existing debt agreements and for general working capital purposes.

Nordic American Tankers
Representation of CLMG Corp. (an affiliate of Beal Bank), as administrative agent and collateral agent, and LNV Corp., as lender, on an up to US$306 million senior secured credit agreement provided to Nordic American Tankers Ltd. (NYSE: NAT), a crude oil tanker owner/operator incorporated in Bermuda. The deal was awarded “Editor's Choice Deals of the Year” by Marine Money 2019.

Marine Money’s Offshore Innovation Deal of the Year 2019
Representation of Citigroup Global Markets Inc., as global coordinator, and Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc., as joint bookrunners, in a Rule 144A/Regulation S offering of US$1.1 billion senior secured notes by MV24 Capital B.V., a Dutch special-purpose entity owned by Mitsui & Co., Ltd, MODEC, Inc., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation. The proceeds of the notes were used to refinance FPSO Cidade de Mangaratiba MV24, which is operated by Modec in the Iracema Sul oil field.