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Maples and Calder Advises on ECAF I Ltd's US$1.21bn ABS

29 Jul 2015

Maples and Calder advised ECAF I Ltd (the "Issuer") on the Cayman Islands legal aspects of its US$1.21 billion asset backed securitisation of a diverse portfolio of 49 aircraft with an initial appraised value of approximately US$1.57 billion.  The offering comprised three tranches of note and is the largest pooled-aircraft ABS transaction in almost a decade.  

As well as advising the Issuer, a separate team from Maples and Calder advised Element Financial Corporation on the upstream funding structure being put in place to facilitate equity investment into the Issuer.  Maples Fiduciary in the Cayman Islands, Ireland and Luxembourg also provided fiduciary and administrative support in connection with the transaction.  Element Financial Corporation acted as the structuring agent while Deutsche Bank, BNP Paribas and Citigroup acted as joint bookrunners for the offering. 

The Maples and Calder team in Cayman was led by partner Scott Macdonald and associate Barnabas Finnigan on the Issuer side, with partners Sheryl Dean and Philip Dickinson providing advice in respect of the upstream funding structure.  The Maples Fiduciary team was led by Mora Goddard in Cayman with assistance from Ronan Carroll in Luxembourg and Padraic Doherty in Ireland.  

"We are delighted to have advised on this complex and high-profile transaction, which showcases Maples and Calder's unique expertise in aircraft finance, fund structures and securitisation, and in combining our Tier 1 ranked structured and asset finance legal capabilities," said Alasdair Robertson, partner and global head of Finance group at Maples and Calder.  "Furthermore, this deal demonstrates the Maples group's ability to take advantage of one of our core strengths as a one-stop-shop: providing legal advice, fiduciary services and administrative support in Cayman, Ireland and Luxembourg."

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