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2010 Deal of the Year: Europe
09 March 2011
Startup lessor Avolon closes $400 million warehouse financing.
Read more:
Avolon
UBS
CA-CIB
Deutsche Bank
KfW-Ipex Bank
Ambition and luck go a long way
Borrower: Avolon
Structure: Warehouse facility (18 months with option to extend by two years)
Amount: $400 million
Lenders: UBS, CA-CIB, Deutsche, KfW-Ipex Bank took $100 million each
Lawyers: Freshfields, Maples & Calder (Avolon). Kaye Scholer (lenders)
Date closed: May 2010
When Avolon went to market in late 2009,the odds were stacked against the start-up lessor. But with a little luck, a lot of ambition and dedicated lenders, it got a favourable deal done.
When discussions started Avolon had only three employees, including chief executive officer Domhnal Slattery, sourcing finance.
It was a deal that was the first of its type to be executed in more than three years and is significant because it reopened the aviation warehouse/portfolio financing market, says Richard Moody, managing director, global aviation, Deutsche Bank.
He adds: "The initial investors that supported the transaction undertook substantial due diligence and had to have confidence with a...
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