Milbank Recognized for Ten Aviation Deals, Including Overall Deal of the Year, at Airfinance Journal’s 2022 Global Awards

Milbank LLP is delighted to have had the opportunity to work alongside our clients on ten transactions, which were recognized as “Deals of the Year” at Airfinance Journal’s 2022 Global Awards. These awards highlight our global transportation finance team’s work on the most notable deals that closed last year. The annual awards ceremony was held at the Waldorf Hilton in London on June 8, 2023.  

Milbank acted as counsel on the following award-winning transactions in 2022:

• Overall Deal of the Year: Airline leasing company Nordic Aviation Capital’s $6.3 billion restructuring. Milbank advised the principal equitizing creditor and a syndicate of secured lenders led by BNP Paribas, on all restructuring, aircraft finance, litigation, corporate/M&A and tax aspects of the transaction. This deal was also shortlisted for Europe Deal of the Year and Equity Deal of the Year.
• Innovative Deal of the Year: Castlelake Aviation’s $123.4 million Gulf Air A321neo aircraft PDP financing facility. Milbank advised Goldman Sachs as lender. This deal was also shortlisted for Structured Lease Deal of the Year.
• North America Deal of the Year: A $3.5 billion commercial loan for JetBlue Airways. Milbank advised the lead arrangers and bridge lenders.
• Latin America Deal of the Year: LATAM Airlines Group S.A.’s exit financing, including a $500 million revolving credit facility, a $1.1 billion commercial loan and a $1.15 billion bond issuance. Milbank advised certain lenders. This deal was also shortlisted for Airline Restructuring Deal of the Year and Capital Markets Deal of the Year.
• Bank Loan Deal of the Year: Avolon’s $660 million commercial secured loan facility for 17 aircraft. Milbank advised Avolon.
• EETC Deal of the Year: Iberia’s €680 million enhanced equipment trust certificates for five aircraft combined with Japanese lease with call option (JOLCO) structures. Milbank advised the investors and the JOLCO arranger. This deal was also shortlisted for the AFJ Sustainability Award – Europe.
• M&A Deal of the Year: SMBC Aviation Capital’s (SMBC) $6.7 billion acquisition of Dublin-based global aircraft lessor Goshawk Aviation’s commercial aircraft leasing platform and its subsidiaries and associated assets. Milbank advised SMBC in relation to the aviation-specific matters of the acquisition, including aircraft lease and financing due diligence, lease restructurings, aircraft financing-related matters and the impact of sanctions on the acquisition of the portfolio.
• Portfolio Trade Deal of the Year: Carlyle Aviation Partners’ $4 billion acquisition of AMCK Holdings’ portfolio of 125 aircraft and order book of 20 Airbus A320-321 neo aircraft. Milbank represented Carlyle Aviation Partners.
• Used Aircraft Deal of the Year: Aircraft lessor BBAM’s commercial loan for 15 aircraft. Milbank advised the lenders.
• Europe Deal of the Year: Air France-KLM’s €500m bond issuance. Milbank advised the purchasers of the notes. This deal was also shortlisted for Equity Deal of the Year.

The Airfinance Journal Awards works with the collective voice of the global industry to recognize excellence among market participants on deals across airline, lessor and OEM financings in all regions around the world. The awards were judged by an external, expert judging panel of senior aviation finance executives and the evaluation criteria included the deal’s innovation, timing, size, complexity and market benchmarks.

Drew Fine, chair of Milbank’s Transportation & Space and Finance practices, commented: “We are honored by these Airfinance Journal awards recognizing our team’s involvement on the most innovative aviation deals spanning the globe, and we are grateful to our clients for the continued opportunity to support them on these successful transactions.”

As a premier legal service provider to the aviation industry worldwide, Milbank’s aviation practice, led by Mr. Fine, Alexandra Johnson, Freyda Mechlowicz and James Pascale in New York and James Cameron and Nick Swinburne in London along with a team of special counsel and associates, has innovated many of the structures and techniques that have become standard-bearers for the industry over the years.

These awards follow Milbank being named “Americas Law Firm of the Year” at Airline Economics’ Aviation 100 Americas Awards in 2022, where Milbank was also recognized for its work on 16 aviation deals, including the “Overall Aviation 100 Deal of the Year” for the team’s work on AerCap's acquisition of GECAS.