Conyers acted for the Issuer, Labrador Aviation Finance Limited, in relation to a pool of 20 passenger aircraft with a value of US$928 million and the issuance of US$709 million fixed-rate asset-backed notes in series A and B listed on the Irish Stock Exchange, and an E Certificate. GE Capital Aviation Services Limited acts as the servicer for the transaction in relation to a fleet of ten A320 family, seven B737-800, one A330-300, one A350-900, and one B777-300ER. The transaction features a dynamic structure that facilitates acceleration of principal payments on the notes in specified circumstances and has the benefit of credit enhancement and liquidity. The transaction was backed by leases to 16 airlines in 15 countries and was Conyers’ largest Bermuda asset-backed securitisation transaction to close in 2016.
Neil Henderson, Jason Piney and Sarah Lusher of Conyers’ Bermuda office advised on the matter, working alongside Pillsbury Winthrop Shaw Pittman LLP.
Labrador Aviation Finance Limited’s US$928 million acquisition financing of 20 commercial passenger aircraft and related notes issuance was named the 2017 Editor’s Deal of the Year at the 2017 Aviation 100 Global Leaders Awards, presented by Airline Economics.