Freshfields leads on $1.4bn private equity financing for aviation startup
Freshfields Bruckhaus Deringer has taken the lead role on a $1.4bn (£971m) private equity deal for aircraft leasing startup Avolon. The deal saw a consortium comprising Cinven, CVC Capital Partners and Oak Hill Capital Partners commit $750m (£521m) alongside a $615m debt package.
May 21, 2010 at 06:12 AM
2 minute read
Freshfields Bruckhaus Deringer has taken the lead role on a $1.4bn (£971m) private equity deal for aircraft leasing startup Avolon.
The deal saw a consortium comprising Cinven, CVC Capital Partners and Oak Hill Capital Partners commit $750m (£521m) of financing alongside a $615m debt package.
Freshfields advised Avolon and the private equity firms, fielding a large team headed up by corporate partners Adrian Maguire, David Higgins and Frank Miller as well as finance partner Rob Murphy.
The group also included newly-promoted London corporate partner Tim Wilmot and New York-based finance partner Jerome Ranawake, as well as Belgian-based competition partner Alan Ryan.
Avolon was set up earlier this year by Irish financier Domhnal Slattery, the former head of Royal Bank of Scotland's aviation unit.
Commenting on the transaction, Maguire said: "In the last six months we have seen more new-money private equity deals around. It is a very positive sign that there is a pick-up in this area. This deal was especially novel and complex because it involved a three-way private equity consortium, which is unusual – particularly so in this specialist sector."
The deal also handed a role to Maples and Calder, which advised Avolon's management with a team led by corporate partner Ed Miller.
On the banking side, UBS was the lead arranger, providing a $400m (£277m) warehouse debt financing facility alongside co-arrangers Credit Agricole, Deutsche Bank and KfW IPEX-Bank.
DVB Bank, which was advised by London firm Vedder Price, also provided a $215m (£149m) term debt financing facility.
US firm Kaye Scholer took the banking mandate, while newly-merged offshore giant Mourant Ozannes advised on Jersey law while local firm Elvinger Hoss & Prussen advised in Luxembourg.
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