Maples Group Advises BZ on US$67 Million RCF to CHC

Maples and Calder, the Maples Group's law firm, is pleased to have advised BZ, a specialist asset-based lender, on the Cayman Islands legal aspects of its US$67 million bespoke revolving credit facility ("RCF") for CHC Helicopters ("CHC"), a leading global operator in helicopter services. 

The transaction closed in October 2023 and involved BZ structuring a blend of revolving facilities secured against CHC's aircraft and receivables assets and, as a complex, multi-jurisdictional transaction, was structured against assets in the UK, Ireland, Netherlands, Norway, Australia, Brazil and the Cayman Islands. 

BZ's significant funding line will drive expansion and allow CHC to meet the growing market demand for offshore transportation, search and rescue and emergency medical services. 

A team of aviation finance and litigation specialists based in the firm's Cayman Islands office advised BZ on the transaction. The aviation finance team comprised Partners Wanda Ebanks and Shari Howell and Associates Sorcha O'Keefe and Meg McAuley. The litigation team included Partner Nick Herrod and Associate Luke Armitage. 

"We are delighted to have advised BZ on this significant deal. This bespoke transaction exemplifies our expertise in financings related to this aviation asset class," commented Shari Howell. "Our ability to provide clients with multi-disciplinary solutions in aviation, finance and litigation cements our position as the leading expert within the local aviation industry," she noted.

The Maples Group's global Asset Finance team is comprised of lawyers and fiduciary services professionals located in the British Virgin Islands, the Cayman Islands, Dubai, Hong Kong, Ireland, London and Singapore. Established over 40 years ago, the team provide legal advice and fiduciary services to a multitude of aircraft lessors, financiers, funds, investors, owners and operators, and advise on export credit agency-supported financings for all of the major aircraft manufacturers as well as commercial bank and lessor supported debt deals.