Stephenson Harwood acts on $500m Indonesian airline financing
Stephenson Harwood has acted for Indonesia's largest airline, PT Lion Mentari, on the financing of seven new generation Boeing 737-900ER airliners worth $500m (£317m). The team at Stephenson Harwood was led by Singapore partner and global head of aviation Paul Ng, who joined the firm last year from Freshfields Bruckhaus Deringer, where he was head of the Asia asset finance and aviation practice.
February 24, 2010 at 07:04 PM
2 minute read
Stephenson Harwood has acted for Indonesia's largest airline, PT Lion Mentari, on the financing of seven new generation Boeing 737-900ER airliners worth $500m (£317m).
The team at Stephenson Harwood was led by Singapore partner and global head of aviation Paul Ng, who joined the firm last year from Freshfields Bruckhaus Deringer, where he was head of the Asia asset finance and aviation practice.
Ng worked alongside a team in Singapore as well as Paris partner Edward Campbell, who specialises in aircraft financing and leasing.
The Export-Import Bank of the United States (Ex-Im Bank) acted as a guarantor for lenders Citibank.
Ng told Legal Week: "The Ex-Im Bank has been absent from the Indonesian market for two decades due to the US ban on Indonesian aircraft in US air space for safety reasons. The law has now changed and it is significant that the US Government is confident enough to be a party in supporting this deal."
Clifford Chance advised Citibank on the deal and Washington firm Zuckert Scoutt & Rasenberger acted for Ex-Im Bank.
PT Lion Mentari has more than 160 Boeing aircraft on order and is scheduled to confirm further Ex-Im Bank support for the financing of additional aircraft over the next few years.
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