The Irish office of Maples and Calder ("Maples"), a leading international law firm, is pleased to announce that it has advised Avolon, the aircraft leasing group, on the successful completion of its initial capital raise of US$1.4 billion. The capital raised includes (i) an equity commitment of US$750 million from three of the world’s leading private equity firms, Cinven, CVC and Oak Hill Capital, in one of the most significant capital raises ever within the Irish market and (ii) a US$400 million warehouse facility, the first facility of its type completed since 2007.
Nollaig Murphy, Partner and Head of the Finance Group at Maples, commented, “We are pleased to serve as legal adviser to Avolon which demonstrates our firm’s credentials within this sector.”
Andrew Doyle, Managing Partner at Maples, commented, “We are delighted to have advised Avolon since formation. We look forward to continuing our relationship with Avolon to support their stated objective of becoming a global leader in aircraft leasing. This transaction continues Maples track record as adviser of choice for high-profile, complex transactions in Ireland.”
Transaction Highlights
- US$1.4 billion capital raised
- US$750 million equity capital committed equally by leading private equity firms Cinven, CVC Capital Partners (“CVC”) and Oak Hill Capital Partners (“Oak Hill Capital”)
- US$400 million warehouse debt financing facility arranged by UBS with additional lenders Credit Agricole, Deutsche Bank and KfW
- US$215 million term debt financing facility provided by DVB Bank
- Avolon has executed contracts and letters of intent for the purchase of 26 aircraft. A number of other transactions are in advanced stages of discussion with airlines globally. Avolon also provides lease management services on a further 2 aircraft
- Denis Nayden appointed Chairman of Avolon with over thirty years experience in the aircraft leasing sector
About Maples and Calder
Maples is a leading international corporate and finance law firm working for clients and collaborating on major transactions as Irish legal support for many international law firms based in the UK, US and Asia. Since establishing in Dublin in 2006 the firm's Irish office has become the singular success story of the Irish legal services industry. It now has over 130 staff in Dublin, many of whom have joined from Ireland's "big five". All of the partners in the Dublin office joined from the senior ranks of Ireland's "big five" law firms.
The Dublin office has advised recently on many of the most high profile and complex transactions in Ireland, including:
(a) advising the ad hoc committee of Independent News and Media Plc bondholders on the company's €900m debt/equity restructuring;
(b) acting as lead counsel on the US$7.6bn restructuring of the Education Media and Publishing Group ("EMPG"). The EMPG deal was the largest corporate transaction in Ireland last year and one of the largest of its type in Irish corporate history;
(c) advising Source UK, a joint venture between Goldman Sachs, Morgan Stanley and Bank of America Merrill Lynch, on its ground breaking ETC platform for which the Finance Group won the IFLR Structured Finance Deal of the Year 2009;
(d) advising Ulster Bank and issuer Liffey Funding on a €1.4bn ECB-eligible rated CLO transaction;
(e) advising on the sale of Web Reservations International on its recent acquisition, representing one of the most significant company sales in Ireland last year;
(f) advising on the establishment of CCFs for Hewlett-Packard Company, Northern Trust and Russell Investment Group; QIFs for Marshall Wace LLP and ETFs for both Osmosis Capital LLP and Credit Suisse.
Source: Yahoo Finance