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Conyers advised Castlelake, L.P., as sponsor and servicer, and Castlelake Aircraft Securitization Trust 2016-1 (CLAS 2016-1), as borrower, on the Bermuda law aspects in the funding of US$916 million in Class A, B and C asset-backed loans. The transaction which priced on 2 August 2016 is backed by a fleet of 52 aircraft and one aircraft engine, leased to 20 lessees across 17 countries. The portfolio has an initial total value of approximately US$1.2 billion. This transaction represents the third asset-backed securitization for Castlelake.
Conyers provided Bermuda law advice to Castlelake in their prior 2015 US$713 million and 2014 US$515.6 million aircraft securitizations.
Jason Piney and Victor Richards of Conyers advised on this matter, working alongside Vedder Price P.C.