Helicopter leasing company debt transactions
Macro of Alexnader Hamilton portrait on the U.S. ten dollar bill.
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.
Alan Jenkins, CFO, Waypoint: “Waypoint continues to execute on our financing strategy with the closing of this very attractive $100 million term loan facility. This facility will free up further debt capacity for Waypoint, allowing us to support our helicopter operator customers with leasing solutions and provide operational and financial flexibility in the current challenging market.”
Oliver Althoff, MD of Capital Markets and Treasury, Waypoint: “We are very pleased that Lombard has led this facility, closing a further financing and consolidating a very important lender relationship. This transaction adds additional and very attractive long-term financing to our debt maturity profile.”
Mark Jamieson, Head of Helicopter Finance, Lombard: “We’re delighted to announce this transaction with Waypoint. The funding support we’ve provided is indicative of our long-term involvement in rotary wing assets, as well as in Waypoint’s ongoing success. This deal is a great example of how Lombard can support strategic growth amongst both global lessors and operators.”
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)
Alan Jenkins, CFO, of Waypoint: “Waypoint appreciates the continued support of our financing partners. These recent modifications to our unsecured revolver improve the company’s financial flexibility and further extend our debt maturity profile. We are very pleased to expand and extend this facility, which is another validation of Waypoint’s strong market position and performance in the helicopter leasing market.”
Oliver Althoff, MD of Capital Markets and Treasury, Waypoint: “Waypoint continues to build out its capital base with diversified debt products and investor groups to achieve a conservative but flexible capital structure.”
Borrower: LCI Helicopters
Date: October 2015
Structure: Loan for four new AgustaWestland AW139s
Sole lender: Westpac Banking Corporation
Notes: Aircraft on lease to Australia’s Westpac Rescue Helicopter Service (North South Wales Ambulance)
Jaspal Jandu, chief financial officer of LCI: “We are delighted that Westpac and National Australia Bank have underpinned our commitment to provide new, state-of-the-art helicopters to the emergency medical service sector in Australia.”
“These long-term, multi-currency financings cover pre-delivery payments, fit-out costs and 10-year term loans, so are both comprehensive and bespoke. Both banks have handled them superbly and we look forward to working together with them in the future”
Borrower: LCI Helicopters
Date: October 2015
Structure: 10 year loan for six new AgustaWestland AW139
Security trustee, agent, lender and hedge counterparty: Westpac Banking Corporation
Lender and hedge counterparty: National Australia Bank
Notes: Aircraft on lease to Australian Helicopters for Air Ambulance Australia
Jaspal Jandu, chief financial officer, LCI: “We are delighted that Westpac and National Australia Bank have underpinned our commitment to provide new, state-of-the-art helicopters to the emergency medical service sector in Australia.”
“These long-term, multi-currency financings cover pre-delivery payments, fit-out costs and 10-year term loans, so are both comprehensive and bespoke. Both banks have handled them superbly and we look forward to working together with them in the future”
Greg Hampton, global head, Asset Finance & Leasing, National Australia Bank: “We’re delighted to have helped finance the renewal of Air Ambulance Victoria’s fleet, enabling them to improve their operational efficiency with these new, state-of-the-art helicopters. We’re also proud to have played a key role in developing this innovative financing solution for LCI which supports their significant growth ambitions in the Asia Pacific region.”
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: Lease Corporation International
Date: July 2015
Structure: Master Murabaha facility agreement
Mandated lead arranger, security agent and inter-creditor agent: Lloyds Bank
Islamic finance participant: Bank of London and the Middle East
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: Lease Corporation International
Date: December 2014
Size: $25 million
Structure: pre-delivery facility
Lead arranger: Bank of London and the Middle East
Borrower: Lobo Leasing
Date: December 2014
Size: $225 million (can be upsized to $325 million)
Structure: Term loan
Joint lead arrangers: Barclays Bank, Citi and Nomura
Borrower: Lease Corporation International
Date: October 2014
Size: $325 million facility (option to increase to $425 million)
Joint lead arrangers and book runners: CIT Group, Inc., Nomura Corporate Funding Americas, LLC, and BNP Paribas.
Administrative agent and collateral agent: CIT
Co-syndication agents: Citibank, EverBank Financial Corp. and Barclays Bank PLC
Co-documentation agents: The Huntington National Bank and Lombard North Central
Participating lenders: Amalgamated Bank, Siemens Financial Services and National Australia Bank
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: Milestone Aviation Group
Date: January 2014
Size: $ 200 million revolving credit line
Joint Lead Arranger and Sole Bookrunner: SunTrust Robinson Humphrey
Join lead arrangers: JPMorgan and Deutsche Bank
Participating lenders: Jefferies, Nomura, Bank of America, The Huntington National Bank.
Borrower: Milestone Aviation Group
Date: January 2014
Size: $575 million notes
Sole bookrunner and lead placement agent: Merrill Lynch, Pierce, Fenner & Smith
Co-lead placement agents: Deutsche Bank and Nomura Securities
Co-placement agents: Merrill, DB, Nomura, The Huntington Investment Company and SunTrust Robinson Humphrey
Borrower: Milestone Aviation Group
Date: December 2013
Size: $250 million 144a private bond placement
Bookrunners: Jefferies, Bank of America Merrill Lynch, and Nomura
Term: Five year
Coupon: 8.625%
Issue: 100
Yield: 8.625%
Rating: Unrated
Maturity: 12/15/2017
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.
Borrower: Milestone Aviation Group
Date: July 2013
Size: $300 million credit facility
Mandated lead arranger and facility agent: Lloyds Bank
Lenders: Lombard and Barclays
Borrower: Milestone Aviation Group
Date: June 2013
Size: $187 million Ex-Im bond
Arranger: Deutsche Bank
Refinanced: March 2013 Ex-Im loan
Borrower: Milestone Aviation Group
Date: March 2013
Size: $187 million Ex-Im Loan
Arranger: Deutsche Bank
Notes: Financed nine Sikorsky S-92s on lease to Bond, Bristow, Lider, Omni. Later refinanced by bond.
Borrower: Milestone Aviation Group
Date: March 2012
Size: $265 million term loan
Arranger: Deutsche Bank
Participants: Nomura, Huntington Bank, CIT, 1st Source Bank, EverBank Commercial Finance and Credit Suisse
Borrower: Milestone Aviation Group
Date: February 2012
Size: $75 million loan
Arranger: SEB
Notes: Funded helicopters for Scandinavian operators
Borrower: Milestone Aviation Group
Date: February 2012
Size: $75 million loan
Arranger: SG
Notes: Facility to cover pre-delivery payments (PDP).
