Conyers acted for the issuer, MAPS 2018-1 Limited, in respect of Merx Aviation’s inaugural aviation asset backed securitisation (“ABS”) comprising of US$506.5 million in three tranches of notes secured on a portfolio of 25 aircraft. The proceeds from the notes will also be used to refinance the original AABS Limited (“AABS”) Asset Backed Secured Term Loan aircraft ABS transaction, which closed in January 2013 and was renamed MAPS 2018-1 Limited pursuant to this transaction. Of the 25 aircraft in this portfolio, 19 were also securitized in the AABS portfolio. Merx owned the equity in the AABS transactions and is now taking over the servicing of those 19 aircraft.
Director Neil Henderson and Associates Angela Atherden and Edward Rance of Conyers’ Bermuda Office advised on the matter.