Milbank Recognized by AirFinance Journal for Five Deals of the Year

In a strong nod to the recent success of Milbank’s Transportation & Space Practice Group, AirFinance Journal has recognized five separate transactions in which the firm played a pivotal advisory role as Deals of the Year for 2013.

Regarded as the premier source of financing intelligence for the global aviation industry, AirFinance Journal recently issued its annual awards honoring law firms, financial advisors, lenders, investors and other key players in aviation finance.

Milbank represented a number of major participants in the industry’s largest securitizations, debt financings, enhanced equipment trust certificate offerings, private placements and airline restructurings globally in the past year.

The firm acted as counsel in the following key transactions in 2013:

North America Deal of the Year: Air Canada’s first EETC offering

• Milbank represented the initial purchasers in the $714 million EETC offering by Air Canada. This was Air Canada’s first-ever EETC offering.

Capital Markets Deal of the Year: GECAS $670 million ABS

• Milbank represented the lead arrangers and the equity investor in AABS Limited’s securitization of 26 aircraft on lease to a portfolio of lessees purchased from and serviced by GECAS and its affiliates. AABS was the first aircraft portfolio securitization to close after the recent credit crisis.

Innovative Deal of the Year: British Airways first-ever EETC offering and the first EETC incorporating a Japanese Operating Lease with a Call Option (JOLCO)

• Milbank represented the lead structuring agent for a group of international banks in the $927 million EETC offering by British Airways. This was British Airways’ first-ever EETC offering and the first modern EETC offering to incorporate a JOLCO.

Editor’s Deal of the Year: Virgin Australia’s first international debt offering and first EETC transaction relying on the Australian insolvency system

• Milbank represented underwriters in four separate tranches of $797 million of enhanced equipment notes issued by Virgin Australia Holdings Ltd. This was Virgin Australia’s first international debt offering and the first EETC-type transaction relying on the Australian insolvency system, which is different in its key aspects compared to the Section 1110 and Cape Town Convention legal frameworks that is used in most EETCs.

Overall Deal of the Year: US Airways $11 billion merger with American Airlines

• Milbank represented the ad hoc committee of American Airlines Creditors in negotiating the plan of reorganization for the company’s bankruptcy restructuring and merger with US Airways, creating the world’s largest airline.

“It is a great testament to our aviation practice to be included in so many significant and impactful transactions singled out as deals of the year by AirFinance Journal, all recognized in their respective categories and virtually covering the entire globe,” said Aviation partner Drew Fine.

Added Aviation partner and head of the Transportation & Space Group Hugh Robertson, “We are especially pleased to have such a diverse and world-class group of clients in these transactions—the deals chosen reflect our work with leading institutional lenders, export-credit agencies, development banks and airline carriers around the world.”