19 April 2016
McCann FitzGerald advises BBAM Aircraft Management LP on $1.2 billion aircraft portfolio sale and securitization
We advised BBAM Aircraft Management LP as Irish counsel in connection with a $1.2 billion aircraft portfolio sale and securitization, dubbed ECAF I, backed by 49 aircraft on lease to 37 airlines in 25 countries and with an average age of 6.5 years. The transaction is split between three classes of notes: a $459.3 million A-1 tranche, a $590.6 million A-2 note and a $160 million B-1 note.
The transaction has been chosen as Airfinance Journal's 2015 North American Deal of the Year and Airline Economics' 2015 Debt Deal of the Year. The Airfinance Journal Deal of the Year awards recognize "airlines, banks and their advisers at their innovative best" and the BBAM transaction received the North American award for its "size, complexity and significance." The sixth awards issue of Airline Economics celebrates the aviation industry and the "companies and individuals that make it so successful."