Milbank Advises Avolon on Its Combined $2.1B Raise in New Unsecured Facilities

Milbank LLP represented Avolon, a leading global aviation finance company, in connection with two new unsecured facilities, with a combined commitment of US$2.1 billion.

The first facility is a US$1 billion dual-tranche unsecured facility with a syndicate of six banks in the Middle East.  The facility includes both conventional and Islamic compliant tranches and has a four-year tenor.  The Islamic element of the financing represents the first time Avolon had raised funds using Islamic financing products.

The second facility is a US$1.1 billion unsecured facility, with commitments split equally between a term loan and revolving credit facility and with a tenor of five years. The syndicate comprises 17 banks, with DBS Bank, CaixaBank, Commonwealth Bank Group, Truist Financial, Cathay United, Allied Irish Banks and Sumitomo Mitsui Trust Bank acting as mandated lead arrangers.

The Milbank team consisted of Transportation and Space partner Nick Swinburne, associates Andrew McAdam, Harriet Rugg-Easey, and Aarom Rafi and trainee Máire Sweeney, as well as Islamic finance specialist partner Munib Hussain.