Milbank Recognized by Airfinance Journal for Six Deals of the Year

In a strong nod to the recent success of Milbank's Transportation and Space Practice Group, Airfinance Journal has recognized six separate transactions in which the firm played a pivotal advisory role as Deals of the Year for 2014.

The firm acted as counsel in the following key transactions in 2014:

Innovative Deal of the Year: Castlelake's $515 million ABS

Milbank represented Castlelake, an institutional alternative investment firm specializing in aircraft, in its debut $515 million asset-backed securitization (ABS). The transaction was trend setting for several reasons. It is the first securitization focused on older aircraft and also the first (asset-backed securities) ABS to include a significant number of turboprops. In addition, the ABS fully amortizes over nine years, with no bullet at maturity.

Editor's Deal of the Year: Blackbird Capital I, the joint venture between Air Lease Corp. and Napier Park Global Capital

Milbank represented the lenders in Air Lease Corporation's (ALC) aircraft leasing joint venture with U.S.-based Napier Park Global Capital. ALC expects the joint venture to acquire $2 billion of aircraft assets by the end of 2016, with up to $500 million in equity and the remainder financed by a committed $750 million warehouse credit facility and other forms of debt financing.

Commercial Loan Deal of the Year: Elix Aviation Capital's $316 million inaugural portfolio debt facility

Milbank represented Elix Aviation Capital, an Irish leasing platform, in its $316 million all-turboprop warehouse, a first in the industry, which combined a large blind pool element.

North America Deal of the Year: Apollo $556 million Debut ABS

Milbank represented Apollo Aviation in its debut $556 million non-recourse securitization backed by a relatively old aircraft fleet, averaging 14.6 years of age, making the aircraft considerably older than the typical ABS deals. Additionally, this transaction is unique because it is more flexible than the typical aircraft ABS transaction. The 40-aircraft fleet in this transaction is comprised of in-production aircraft, featuring nine types across the A320 and 737NG families.

Capital Markets Deal of the Year: Aldus $540 million Debut ABS

Milbank represented Aldus Aviation in its debut $540 million asset-backed securitization (ABS) via a special purpose issuer, Aldus Trust Leasing Aircraft Securitization (Atlas). The loans were supported by a portfolio of 30 Embraer jets on lease to ten commercial airlines. This was the first ABS transaction for Aldus Aviation and the first of two ABS transactions with exclusively Embraer aircraft.

Engine Deal of the Year: THY's U.S. Ex-Im Bank Guaranteed Spare Engine Financing

Milbank represented the lead arrangers, Mizuho Securities and DBJ Securities, in the Japanese Yen denominated spare engines financing for Turkish Airlines. This is the first US Ex-Im Bank guaranteed financing of CF6 spare engines to be installed on an Airbus aircraft.