Waypoint Leasing files for Chapter 11 bankruptcy protection

Alasdair Whyte
By Alasdair Whyte November 25, 2018 22:18

Waypoint Leasing files for Chapter 11 bankruptcy protection

Waypoint Leasing, the world’s second largest helicopter leasing company, has filed for Chapter 11 bankruptcy protection.

The company filed at the US Bankruptcy Court for the Southern District of New York at 12.37 on Sunday November 25. The filing covers more than 100 companies and trusts – including Waypoint Leasing Holdings Limited, Waypoint Leasing (Luxembourg) and Waypoint Leasing (Ireland) Limited.

Waypoint Leasing says it has more than 200 creditors. Airbus Helicopters, which is owed $4.6 million, is the largest. Other include AgustaWestland Malaysia (which is owed $543,000), CHC Helicopters Netherlands ($490,000), restructuring specialists Alvarez & Marsal Securities ($350,000) and Eagle Copters Maintenance ($266,000).

Waypoint Leasing launched by placing a helicopter order with Leonardo in early 2013. In June 2013 it formally announced that it had sourced $375 million of equity from MSD Capital (the family office of Michael Dell), Soros Fund Management, and Cartesian Capital Group.

The lessor manages 166 aircraft, valued at $1.6 billion, on lease to 35 customers. It has also placed orders and options with helicopter manufacturers for 70 helicopters valued at more than $700 million, to be delivered over the next five years.

Law firm Weil, Gotshal & Manges is advising Waypoint. Houlihan Lokey Capital has been retained as investment banker with FTI Consulting financial adviser. Accenture is corporate adviser.


 


Related stories 

Macquarie buys Waypoint Leasing for $650 million December 8 2018

What went wrong at Waypoint Leasing? December 5 2018

Waypoint Leasing in numbers November 27, 2018

Waypoint Leasing files for Chapter 11  November 25, 2018

Why 2018 is a year of change for Helicopter Leasing November 23, 2018

Credit freeze hits helicopter market September 5, 2018

Waypoint Leasing in talks with lenders September 2, 2018


 

Waypoint Leasing’s capital market transactions

Borrower: Waypoint Leasing
Date: 
5 September 2017
Size: 
$87.5 million
Arranger: 
Sumitomo Mitsui Banking Corporation (SMBC)

Borrower: Waypoint Leasing
Date: 19 April 2016
Size: $100 million
Structure: Secured loan
Term: Six years
Notes:Can be drawn in dollars, euros and sterling. Used to refinance aircraft Waypoint’s revolving credit facility and aircraft being delivered in 2016 and 2017.

Borrower: Waypoint Leasing 
Date: October 2015
Structure: Unsecured revolving credit facility increase
Lenders: Deutsche Bank and Goldman Sachs & Co (existing lead arrangers SunTrust Robinson Humphrey and MUFG Union)

Borrower: Waypoint Leasing 
Date: September 2015
Size
: $200 million
Structure
: senior secured notes
Joint placement agents: Goldman Sachs and SunTrust Robinson Humphrey
Senior co-placement agent: Mitsubishi UFJ Securities
Co-placement agents: Deutsche Bank, BNP Paribas and RBC Capital Markets
Notes: Three tranches: $125 million, $50 million and $45 million. Seven year average life. Can draw-down in dollars and Euros.

Borrower: Waypoint Leasing
Date: April 2015
Size: $60 million
Structure: unsecured loan
Lead arrangers: SunTrust Robinson Humphrey and MUFG Union Bank

Borrower: Waypoint Leasing
Date: March 2015
Size: $85 million loan
Lead arranger: Deutsche Bank

Borrower: Waypoint Leasing 
Date: April 2015
Size: $40 million increase to $300 million Term Loan
Lead arranger: BNP Paribas, MUFG Union Bank, RBC Capital Markets and Wells Fargo Securities.

Borrower: Waypoint Leasing
Date: September 2014 
Size: $300 million revolver 
(can be expanded to $400 million)
Lead arrangers
: BNP Paribas, MUFG Union Bank, RBC Capital Markets and Wells Fargo Securities
Lenders: Lombard, Sumitomo Mitsui Banking Corporation, Everbank Commercial Finance, Capital One, National Association

Borrower: Waypoint Leasing
Date: June 2014
Size: $133 million extension to November facility (option to expand to $550 million)
Lenders: Barclays Bank, Citi, RBC Capital Markets, Lombard

Borrower: Waypoint Leasing 
Date: May 2014
Size: $72.5 million five-year term loan
Lead arranger: Goldman Sachs

Borrower: Waypoint Leasing
Date: November 2013
Size: 
$335 million revolver
Joint bookrunner and agent:
 Credit Suisse
Joint bookrunners: SunTrust Robinson Humphrey, CIT Finance
Lenders: Goldman Sachs, Union Bank., Fifth Third Bank and 1st Source Bank.

 

 

 

Alasdair Whyte
By Alasdair Whyte November 25, 2018 22:18

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