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Conyers advised Elix Aviation Capital (Elix), as servicer, and Prop 2017-1 Limited, as borrower, on the Bermuda law aspects of Elix’s US$411 million debut asset‐backed securities (ABS) deal. This is the first ABS to be secured entirely against turboprop aircraft. The transaction which closed on 16 February 2017 is backed by a fleet of 63 aircraft on lease to 17 airlines with an initial total value of approximately US$545.1 million.
Phoenix American Financial Services is the managing agent for the transaction, Wells Fargo is the trustee and DVB Bank is the facility provider.
Jason Piney, Neil Henderson and Victor Richards of Conyers advised on this matter, working alongside Milbank.