Maples and Calder and Maples Fiduciary has assisted AerGen in connection with the USD324.7 million asset backed loan securitisation of a portfolio of 19 narrow body aircraft by Harbour Aircraft Investments.
This was the debut ABS issuance by AerGen, which is a relative newcomer in the aircraft leasing market, and all three tranches of the issuance were oversubscribed.
Aergen Aviation Finance will act as servicer to the portfolio and Maples Fiduciary Services (Ireland) will act as managing agent to the borrower. DVB Bank SE provided the liquidity facility to the borrower, while Deutsche Bank Securities and Goldman Sachs Lending Partners acted as joint lead arrangers for the offering.
Maples and Calder provided Cayman Islands legal advice and support to the borrower through its Cayman Islands office, and also provided Irish legal advice to the managing agent through its Dublin office.
In its role as managing agent, Maples Fiduciary will provide cash management and calculation services, issue monthly statements to loan holders and investors and offer its full suite of company secretarial and accounting services to the borrower. In addition, Maples Fiduciary is engaged to provide directorship services to the board of the borrower entity and to each of its subsidiary entities.
The Maples and Calder team in the Cayman Islands was led by partner Tina Meigh and associate Barnabas Finnigan, with assistance from associate Shari McField, and in Dublin by partner Donna Ager with assistance from associate Aine O'Hara.
The Maples Fiduciary team was led by Stephen O'Donnell with assistance from Jarlath Canning, Julian Dunphy and Paul Griffin.
Mark Western (pictured), head of Maples and Calder's asset finance practice, says: "We are pleased to have assisted our client AerGen in their debut ABS issuance. This transaction further solidifies the unmatched expertise and advice the Maples group provides to our clients and we look forward to continuing to work with AerGen."