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Maples Advises Avolon on US$636m Aircraft Securitisation

18 Oct 2013

The Irish and Cayman Islands offices of leading international law firm, Maples and Calder ("Maples"), are pleased to announce that the firm has advised Avolon, the international aircraft leasing group, on a US$636 million asset backed securitisation issued by Emerald Aviation Finance Limited. The notes issued in the transaction were rated by S&P and Kroll. 

Nollaig Murphy, Partner and Head of the Finance group in Maples' Dublin office commented: "We are delighted to have advised Avolon since formation. It has been a number of years since a rated public aircraft securitisation successfully went to market, so this complex transaction represents a significant achievement for Avolon." 

This was Avolon's inaugural aircraft securitisation and was a complex multi-jurisdictional transaction involving the transfer of a portfolio of leased aircraft into a bespoke cost effective structure. Given this asset class, the need to maintain transactional flexibility throughout the closing process was paramount, with three types of aircraft interests being transferred across three continents. This was a challenging but rewarding transaction for Maples' aviation finance, leasing, capital markets and tax teams in Cayman and Ireland. 

Global Head of Maples and Calder's Finance group, Alasdair Robertson, added, "Aircraft finance and securitisation are two of Maples and Calder's core practice areas and this transaction has been a great opportunity to showcase our unique ability to provide Cayman and Irish legal services in one firm, and to do so seamlessly." 

The Maples Ireland team was led by Nollaig Murphy, with Laurence Hanley, David Burke, William Fogarty, Jane Bennett and Keelin Gavagan. The Maples Cayman team was led by Alasdair Robertson, along with Anthony Philp, James Reeve and Elaine Phung.

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Advising on the laws of the BVI, the Cayman Islands, Ireland, Jersey and Luxembourg, our global Finance team provides expert legal advice on even the most complex financial transactions under intense time pressure. Clients repeatedly return to our qualified finance lawyers to handle a variety of complex matters relating to acquisition and leveraged financing, asset finance, banking, debt capital markets, derivatives, fund finance, insurance linked products, Islamic finance, repackaging and structured finance.