Milbank advised Caisse de dépôt et placement du Québec (CDPQ), a leading institutional asset manager, in connection with its agreement with GE Capital Aviation Services (GECAS), an aircraft leasing company, to create a new global aircraft financing platform, as detailed in the press release issued by CDPQ.
The new platform, to be named Einn Volant Aircraft Leasing (EVAL), will be involved in the acquisition of modern fuel-efficient aircraft from a diverse set of global airlines and in leasing them back to such airlines under long-term leases. GECAS will source the transactions and, under a sistership condition, will invest in aircraft ownership opportunities alongside the platform to further align its interests with those of EVAL. GECAS will also act as servicer for the platform. Milbank advised affiliates of CDPQ who will provide financing to the new platform pursuant to $2 billion of revolving, multi-tranche secured note issuances.
EVAL will provide GECAS with the flexibility to finance future growth and opportunities, while serving as an entry point for CDPQ into the aircraft leasing and financing industry. In addition, it represents a key step in the expansion of the strategic relationship between GE and CDPQ, which has been built over several years.
The Milbank team was led by partner and Chair of the firm’s Finance Practice Group and Transportation and Space Group Drew Fine with associates David Berkery and Dylan Scher.
