LCI closes $135 million facility


Following the closing of a $75 million facility with CaixaBank announced last week, helicopter lessor LCI has gone further and closed a $135 million asset-backed facility led by CIT Group.

The facility was arranged by a syndicate of five banks – CIT Group, National Westminster Bank, National Australia Bank, Barclays Bank and the Huntington National Bank. As with the prior facility, proceeds will be used to develop and expand LCI’s helicopter fleet.

This is the third facility LCI has closed this year – bringing the total cash LCI has raised since January last year to more than $280 million.

Jaspal Jandu, CFO of LCI, said: “We are delighted that LCI’s long-held commitment to strong but balanced growth across multiple markets and sectors has been recognised in this vote of confidence from five major financial institutions.

“This facility, arranged and closed during a period of major industry realignment, will enable us to pursue the continued growth of our diversely-placed fleet.”

LCI’s fleet contains $1 billion worth of aircraft either in service, on order or under management, mainly medium and super-medium Leonardo, Airbus and Sikorsky helicopters.

John P. Heskin, managing director and group head of CIT’s aerospace, defense and government services group, said: “As long-term financial partners of LCI, we have been consistently impressed by LCI’s strong leasing platform, management and diversified approach to the marketplace. And we are pleased to strengthen our relationship further.”

If you want to read about LCI’s previous facility and how lessors are finding finance in a down market, click here.

LCI in numbers:

As previously mentioned, this is the third facility LCI has closed this year. The first was an unspecified facility led by Close Brothers and the second was led by CaixaBank and announced last week.

First facility:

  • Lead bank: Close Brothers
  • Type: term-loan facility
  • Amount raised: undisclosed

Second facility (announced 8 July):

  • Lead bank: CaixaBank
  • Type: asset-backed facility
  • Amount raised: >$75 million

Third facility (announced 17 July)

  • Lead bank: CIT Group
  • Type: asset-backed facility
  • Amount raised: $135 million