Milbank LLP was awarded the Asia-Pacific Overall Deal of the Year Award at the Asia Pacific Aviation 100 Awards for its role in representing the investors on a milestone US$443 million revenue bond. The Asia Pacific Aviation 100 Awards, which highlight the year’s most innovative and successful finance and leasing deals, were hosted by Airline Economics magazine, the leading and largest finance and leasing global publication for the aviation sector.
The revenue bonds comprised US$243 million in Tranche A Bonds and US$200 million in Tranche B Bonds which are cleared through Euroclear/Clearstream. The revenue bonds were issued by a newly incorporated Labuan subsidiary of AirAsia Berhad and secured against, amongst other collateral, the future revenue of AirAsia Berhad received from certain flight routes. The revenue bonds are also guaranteed by AirAsia Berhad and Capital A Berhad. The transaction was a novel fund-raising structure for an airline in the Asia Pacific market.
The award-winning team was led by Corporate Finance and Securities partner Giles Kennedy in Singapore and included partner Terry O’Donnell and associate Andre Seah. The transaction was supported by New York partner Drew Fine and Singapore-based senior associate David Paterson, both members of the firm’s Transportation and Space Group.
