Asset Finance
About
Capital-intensive industries and assets face considerable uncertainties and unprecedented disruptions. In an era of global COVID-19 pandemic and economic pressures, companies in a broad range of sectors must make significant decisions about their operations, investments, capital expenditure programs, risk management approaches and other legal and business challenges – often across multiple jurisdictions.
Our international experience and deep resources support clients with these and other needs, whether by helping to access much-needed liquidity, purchase more assets at attractive prices, take advantage of financing opportunities, lead restructuring negotiations or resolve insolvency situations.
Supporting our clients as they optimize their strategies
We are a recognized leader and innovator in asset-based and structured financing transactions. We have been involved in every significant development in asset-based finance, including in the cross-border market, and have pioneered many of the tax, legal and financial structures used in countries around the world.
Our global platform and substantial industry knowledge combine to put us in a unique position to navigate the complexities, challenges and opportunities our clients are facing. The products, transaction structures and commercial solutions we have developed give our clients a competitive edge in the implementation of their business strategy, whether in the optimization of their investments, gaining access to new and competitive sources of financing or in addressing the risks they face in an ever more complex legal, regulatory and operating environment.
The asset finance business and our role
We have substantial experience and knowledge in a wide range of sectors, including:
- Commercial aviation, private jet and helicopter financing
- Shipping and maritime
- Rail equipment and infrastructure
- Energy and other facility financings
- Mining and metals
- Telecommunications and satellites
Our lawyers are recognized market leaders in the application of all products related to complex asset-based and structured financings, including: aircraft finance non-payment insurance (ANPI) financings, tax and operating leases (including all types of Japanese operating lease transactions), warehouse loan facilities and pre-delivery payment financings, export credit agency (ECA) and manufacturer-supported financings and numerous bank finance and debt capital markets-based transactions (including enhanced equipment trust certificate "EETCs" and asset-based securitization financings). We advise and represent clients on capital market equity raises and in high-profile bankruptcies and restructurings. We also routinely advise on acquisitions of and/or investments in leasing companies and asset portfolios, secured and unsecured bridge and revolving credit financings and a wide range of regulatory and asset repossession matters.
We represent all the participants in asset-based and structured finance transactions – including asset owners, operating companies, manufacturers, financial institutions, private equity and hedge funds, equity investors, lenders, lessors, lessees, investment advisors, corporate trustees, credit providers, joint venture participants, debt and equity syndicates and multiple ECAs. Our understanding of the unique needs of all these participants allows us to craft specific strategies designed to help our clients reach their business goals and to address the challenges and opportunities they encounter.
View more information on our Aviation team
View more information on our Maritime & Offshore team
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AWARDS & RECOGNITION
Band Two: Asset Finance
Chambers Global 2023
Most Highly Regarded Aviation Firms
Who's Who Legal 2023
Law Firm of the Year: Equipment Finance Law and National Tier 1: Equipment Finance Law
US News Best Lawyers Report 2022
Top 5 Aviation Law Firms Globally (by deal count and complexity)
AirFinance Journal Legal Survey 2015-2022
Band Three: Transportation: Aviation Finance
Chambers USA 2023
Americas Supported Finance Deal of the Year: JetBlue/Spirit
Airline Economics Aviation 100 2023
Restructuring Deal of the Year: LATAM Airlines Ch. 11
IFLR 2022
Restructuring Deal of the Year: LATAM Airlines Ch. 11
Latin Lawyer 2022
Restructuring Deal of the Year: Aeromexico Ch. 11
ISHKA Awards 2022
Americas Deal of the Year: LATAM Airlines Ch.11
ISHKA Awards 2022
Restructuring Deal of the Year: portfoliomanagement AöR shipping loan portfolio sale
Marine Money 2022
Bank Debt Deal of the Year: Nordea ESG Loan
Marine Money 2022
Restructuring Deal of the Year: Seadrill Restructuring
M&A Advisor Turnaround Awards 2022
Restructuring Deal of the Year: Avianca Ch. 11
Latin Lawyer 2021
Sale and Leaseback/Operating Lease Deal of the Year: Aeromexico
Airfinance Journal 2021
Asia-Pacific Deal of the Year: Philippine Airlines' pre-negotiated Chapter 11 restructuring
Airfinance Journal 2021
Loans Deal of the Year: LATAM Airlines DIP Financing
IFLR Americas 2021
Supported Finance Deal of the Year: SkyWest/AFIC/BNDES
Airline Economics' Aviation 100 – Americas 2021
Export Credit Agency Deal of the Year: Seaspan Corporation $1.7 Billion Korean and Chinese ECA-Covered JOLCO Facilities for 18 x Newbuilding Containerships
Marine Money 2021
M&A Deal of the Year - Merger: International Seaways Merger with Diamond S Shipping
Marine Money 2021
Bank Debt Deal of the Year: Genco Shipping & Trading Inc. $450 Million Senior Secured Credit Facility
Marine Money 2021
Guaranteed financing Deal of the Year: Skywest Airlines AFIC-supported financing
Airfinance Journal 2020
Airlines AFIC-supported financing
Airfinance Journal 2020
Loans Deal of the Year: LATAM Airlines DIP financing
IFLR America 2020
Banking & Finance Deal of the Year – LATAM Airlines'
Latin Lawyer 2020
Green Finance Deal of the Year: International Seaways Operating Corporation Poseidon Principles US$390 million facility
Marine Money 2020
Africa Deal of the Year: Air Austral – Five Aircraft Commercial & PDP Loans
Airfinance Journal 2019
Latin America Deal of the Year: Avianca US$4.5 billion 53-aircraft Lease and Debt Re-Profiling Programme
Airfinance Journal 2019
Used Aircraft Deal of the Year: Sunclass Airlines Lease Restructuring for Three A321s
Airfinance Journal 2019
Standout: Managing Complexity and Scale: UASC-Hapag Lloyd Merger
Financial Times 2018
Experience
eVTOL Aircraft Purchase
Representation of Archer Aviation in relation to the investment and purchase by United Airlines, Inc. of Archer's electrically powered vertical takeoff and landing (eVTOL) aircraft.
European Organisation for the Safety of Air Navigation (Eurocontrol)
The mandated lead arrangers on the €272 million term loan facility for Eurocontrol. The loan facility would support the continuous operation of safe and effective air navigation services in the European network as part of a COVID-19 financial relief package.
Airfinance Journal's Latin America Deal of the Year 2019
Representation of Avianca in its export credit-supported financing for more than 70 Airbus aircraft and the restructuring of the ECA-supported fleet of AviancaTaca Holding.
Airfinance Journal's Africa Deal of the Year 2019
Representation of Air Austral in relation to the multi-jurisdictional pre-delivery financing of three Airbus aircraft
Airfinance Journal's Latin America Deal of the Year 2018
Representation of Avianca in connection with a US$100 million loan guaranteed by UK Export Finance (UKEF) to finance one B-787-8 aircraft. The UKEF loan was structured as a Japanese Operating Lease with Call Option (JOLCO).
Airfinance Journal's Middle East & Africa Deal of the Year 2018
Representation of ING Capital and Société Générale in connection with a 12-year senior loan facility to finance Ethiopian Airlines Group's first five Boeing 737-800 aircraft, guaranteed by the Aircraft Finance Insurance Consortium.
Airfinance Journal's Europe Deal of the Year 2018
Representation of Deutsche Bank in a US$227 million JOLCO financing of a portfolio of 12 Embraer E190 aircraft leased by a leading regional aircraft lessor to an African Airline, a Spanish Airline and a Mexican Airline.
US$1 billion loan facilities for SMBCAC
Representation of the Japan Bank for International Cooperation (JBIC) on its US$1 billion loan facilities for SMBC Aviation Capital Limited (SMBCAC).
Waypoint Leasing
Representation of Waypoint Leasing and its affiliates as special aviation counsel in connection with its Chapter 11 bankruptcy proceedings, including the sale to Macquarie Rotorcraft of approximately 125 aircraft on lease to 42 different lessees in 29 jurisdictions.
UACC’s Precedent-Setting Merger
Representation of United Arab Chemical Carriers Limited (UACC) on entering into a definitive merger agreement to be acquired by United Overseas Group Ltd (UOG).
Marine Money’s Green Finance Deal of the Year 2020
Representation of Nordea Bank Abp, New York Branch, ABN AMRO Capital USA LLC, Crédit Agricole Corporate & Investment Bank, DNB Markets, Inc. and Skandinaviska Enskilda Banken AB (Publ) as mandated lead arrangers and bookrunners, BNP Paribas and Danish Ship Finance A/S as lead arrangers, and Nordea Bank Abp, New York Branch, as administrative agent, collateral agent and security trustee, on the provision of an up to US$350 million term loan facility and a US$40 million revolving credit facility used by International Seaways Operating Corporation to refinance certain existing debt agreements and for general working capital purposes.
Nordic American Tankers
Representation of CLMG Corp. (an affiliate of Beal Bank), as administrative agent and collateral agent, and LNV Corp., as lender, on an up to US$306 million senior secured credit agreement provided to Nordic American Tankers Ltd. (NYSE: NAT), a crude oil tanker owner/operator incorporated in Bermuda. The deal was awarded “Editor's Choice Deals of the Year” by Marine Money 2019.
Marine Money’s Offshore Innovation Deal of the Year 2019
Representation of Citigroup Global Markets Inc., as global coordinator, and Mizuho Securities USA LLC, Morgan Stanley & Co. LLC and SMBC Nikko Securities America, Inc., as joint bookrunners, in a Rule 144A/Regulation S offering of US$1.1 billion senior secured notes by MV24 Capital B.V., a Dutch special-purpose entity owned by Mitsui & Co., Ltd, MODEC, Inc., Mitsui O.S.K. Lines, Ltd. and Marubeni Corporation. The proceeds of the notes were used to refinance FPSO Cidade de Mangaratiba MV24, which is operated by Modec in the Iracema Sul oil field.
