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Conyers advised Castlelake, L.P., as sponsor and servicer, and Castlelake Aircraft Structured Trust 2017-1 (CLAS 2017-1), as borrower, on the Bermuda law aspects in the funding of US$785.5 million in Class A, B and C asset-backed loans. The transaction which priced on 7 July 2017 is backed by a fleet of 43 aircraft and one aircraft engine, leased to 15 lessees across 11 countries. This transaction represents the fourth asset-backed securitization for Castlelake.
Deutsche Bank Securities, Inc. and Citigroup Global Markets Inc. acted as joint structuring agents for the transaction. Goldman Sachs and BNP Paribas acted as joint lead arrangers. Natixis S.A. serves as liquidity facility provider.
Conyers provided Bermuda law advice to Castlelake in their prior three asset-backed debt issuances: CLAS 2016-1 (US$916 million issuance), CLAS 2015-1 (US$713 million issuance) and CLAS 2014-1 (US$515.6 million issuance).
Jason Piney and Victor Richards of Conyers advised on this matter, working alongside Vedder Price P.C.