James Cameron

Partner

Contact
F +44 20.7615.3100

London

10 Gresham Street

London, UK EC2V 7JD

T +44 20.7615.3031

F +44 20.7615.3100

James is a top ranked practitioner and co-head of the Transportation and Space Group in London. He has extensive experience acting on a variety of asset leasing and financing transactions involving aircraft, ships, oil rigs, rolling stock and other moveable equipment. He has advised clients on the full range of structures including M&A, capital markets transactions, EETC, securitisation, finance and operating leasing, structured tax-based financings, export-credit, restructurings, leasing company acquisitions, asset portfolio sales and purchases, joint ventures and Islamic financings.

A selection of his recent transactions include advising:

  • An investment bank in connection with the potential purchase of a participation in US$500 million loan facilities made available to an affiliate of Cerberus Capital Management to finance shipping loans purchased from Nord/LB;
  • A joint venture between KKR, Oak Hill Advisors and Borealis Maritime in connection with a financing from a large investment bank. The joint venture fund was established for the purpose of financing vessels and purchasing vessels to be leased to vessel operators;
  • Various clients with respect to 737 Max issues;
  • Citibank and other financing banks with respect to a portfolio financing program of up to US$2 billion made available to a subsidiary of Seaspan Corporation to refinance approximately 40 vessels. The financing program provides for a common collateral pool to secure bank financing as well as private placement notes;
  • Ad hoc committee of bondholders of Thomas Cook group on certain airline group related issues in connection with the attempted recapitalisation of Thomas Cook;
  • The lender in connection with the restructuring of a shipping company based in Germany;
  • BNP Paribas as mandated lead arranger and original lender on the US$168 million financing for the acquisition of a portfolio of eight aircraft by Global Aviation Equipment Leasing (GAEL), an aviation fund arranged by SMBC Aviation Capital;
  • BNP Paribas as mandated lead arranger, bookrunner and lender in respect of a US$450 million credit agreement with NAC Aviation Capital DAC to finance or refinance the acquisition of certain aircraft;
  • Société Générale, Crédit Agricole Corporate and Investment Bank and Deutsche Bank as arrangers and senior lenders on the $560 million senior tranche of a $590 million facility for borrower vehicle arranged by Airborne Capital, for the acquisition of a portfolio of 17 aircraft on lease to 15 airlines;
  • Morgan Stanley as arranger and original lender in connection with a $335 million facility agreement, Deutsche Bank as arranger and original lender in connection with three facilities totalling $240,500,000, and Citibank as arranger and original lender in connection with a $175 million facility agreement, each to entities established by Falko to enable Falko to purchase of a portfolio of 49 aircraft on lease to eight different airlines;
  • ORIX Aviation in connection with its US$2.2 billion acquisition of a 30% stake in Avolon from Bohai Capital;
  • Vantage Drilling International, an international offshore drilling company, in connection with its US$350 million offering of senior secured first lien notes due 2023;
  • TrueNoord Sheelin Limited as borrower in its US$500 million secured warehouse facility from a syndicate of lenders including NordLB, Morgan Stanley and Barclays for the refinancing of a portfolio of ATR and Bombardier turboprop aircraft of difference vintages and leased to a variety of lessees;
  • Investec Bank plc as lead arranger, agent, security trustee and original lender in respect of various portfolio facility agreements providing financing to subsidiaries of Falko Regional Aircraft Limited for a number of portfolios of ATR and Bombardier aircraft of different vintages and leased to a variety of lessees;
  • Airspeed in connection with the sale of a portfolio of twenty nine (29) aircraft on lease to a number of lessees across seventeen (17) jurisdictions and in connection with the novations of the associated leases;
  • Citibank and the joint bookrunners, in connection with the US$608,551,000 British Airways 2018-1 Enhanced Equipment Trust Certificate offering, to finance BA’s purchase of 11 new aircraft;
  • Investec and Shawbrook Bank on the purchase of the Lombard offshore leasing business.
  • Elix Assets Holding Limited as borrower and Elix Aviation Capital as limited guarantor in its US$200 million secured warehouse facility from Morgan Stanley for the refinancing a financing of a portfolio of ATR and Bombardier turboprop aircraft;
  • Terra Firma on an agreement to sell AWAS Aviation, a Dublin-based aircraft lessor, alongside its co-investor Canada Pension Plan Investment Board (CPPIB), to Dubai Aerospace Enterprise;
  • a syndicate of lenders led by BNP Paribas and Citibank on the US$740 million financing for a KKR/DVB joint venture’s acquisition of a portfolio of 37 aircraft from AerCap, named Aircraft Finance Portfolio Acquisition Deal of the Year (Global Transport Finance Awards 2016);
  • Elix Aviation Capital in connection with its US$411 million debut asset-backed securities (ABS) deal. This was the first ABS to be 100% secured against turboprops;
  • AWAS and its owners Terra Firma and Canada Pension Plan Investment Board (“CPPIB”) on an agreement to sell a portfolio of 90 aircraft to Macquarie Group Limited for a total consideration of US$4 billion - Overall Deal of the Year 2015 (Airfinance Journal Awards) and Global Aviation M&A with Finance Deal of the Year 2015 (Global Transport Finance Awards); and
  • Ad Hoc Group of Creditors in the restructuring of Ocean Rig UDW Inc. (ORIG) group of companies and a related exit financing to be entered into with the ORIG group following its restructuring.
  • Aldus Aviation Limited on theUS$540 million asset backed securitisation for Aldus Aviation Limited - Aviation ABS Deal of the Year 2015, Europe (Global Transport Finance Awards);
  • Citi on the US$807 million asset backed securitisation for Bank of China Aviation - Aviation ABS Deal of the Year 2015, Asia (Global Transport Finance Awards);
  • The bookrunners on the US$328 million enhanced equipment trust certificate (EETC) financing secured against three new Boeing 777-300ER aircraft for Turkish Airlines -the first EETC issuance by a Turkish airline - EETC Deal of the Year 2015, Europe (Global Transport Finance Awards);
  • The Directors of Amedeo Air Four Plus Limited in the lease of four Airbus A380 aircraft to Emirates Airlines – Editor’s Deal of the Year 2015 (Airfinance Journal Awards);
  • DNB Bank ASA, Singapore Branch (as agent), for the MLA lenders in an exit financing that is related to the restructuring of shipping financing facilities of PT Berlian Laju Tanker Tbk (BLT);
  • Ad Hoc Group of New Lenders, consisting of circa 25 investment banks, investment funds and other lenders on the US$1.4 billion restructuring of TORM A/S, the listed Danish shipping company;
  • Morgan Stanley, the global financial institution, in its loan to CVI Ocean Transportation Inc., an affiliate of CarVal Investors, LLC, initially secured by mortgages over, amongst others, six bulk carriers subject to long term charter to Cargill International S.A.;
  • Elix Assets I Limited as borrower and Elix Aviation Capital as guarantor in its US$350 million secured warehouse facility from a syndicate of lenders including Deutsche Bank, Citibank, BNP Paribas and Nomura for the refinancing of its portfolio of ATR and Bombardier turboprop aircraft of difference vintages and leased to a variety of lessees;
  • Goldman Sachs Lending Partners as sole lead arranger and sole bookrunner in a US$300 million senior secured first-lien term loan facility for McDermott Finance, a subsidiary of McDermott International, Inc.; and Goldman, Sachs & Co. as sole book-running manager in an offering of US$500 million of senior secured second-lien notes by McDermott and an offering of tangible equity units by McDermott generating gross proceeds of US$287.5 million;
  • TUI Travel on the order of 60 aircraft from Boeing valued at US$6.1 billion, as well as purchase options for a further 90 aircraft;
  • Vueling in its purchase agreement for the purchase of 62 narrow-body passenger jets with a total value of US$5.4 billion, as well as options to purchase a further 58 aircraft from Airbus;
  • Citibank as lead structuring agent for a group of international banks in the first-ever issuance of an Enhanced Equipment Trust Certificate (EETC) for British Airways raising US$927 million. The securities are intended to finance BA’s purchase of 14 new aircraft, including six Boeing Dreamliners – Innovative Deal of the Year, 2013 (Airfinance Journal);
  • SMBC in its acquisition of RBS Aviation Capital. The portfolio comprised 210 Aircraft with a further 90 on order, with a sale price of US$7.3 billion. This transaction was the largest M&A transaction in the aircraft leasing sector;
  • The syndicate of 28 lenders in the US$1.075 billion replacement for the British Airways 2012 revolving credit facility – Commercial Loan Deal of the Year 2015 (Airfinance Journal);
  • The single largest secured lender to Nordic Aviation Capital in connection with EQT’s equity investment in NAC – M&A Deal of the Year 2015 (Airfinance Journal);
  • Goldman Sachs as underwriting counsel on the sale of RBS’ Aircraft Loan Book, US$4.5 billion;
  • Doric on the first non-US EETC, with Goldman Sachs as underwriters and Emirates as lessee of four A380 aircraft, US$586 million;
  • Investec on the financing of a portfolio of aircraft acquired by Investec Global Aircraft Fund;
  • J.P. Morgan on the financing of 18 A320 Aircraft for the Air Asia Group, US$604 million;
  • The lenders on the financing of an FPSO for the Brazilian field Tiro and Sidon, US$300 million; and
  • Investec on the acquisition of Masterlease, General Motors' car leasing business.

Recognition & Accomplishments

James has lectured on the subject of asset and aircraft finance, and has had articles published in various industry journals. He is also mentioned in Chambers UK (where he is ranked in the 1st tier of leading individuals), Legal 500 and Legal Experts and was recently awarded "Transportation Finance Lawyer of the Year 2015" by Global Law Experts and “Asset Finance Lawyer of the Year” at the ILO Client Choice Awards 2016.

"Superb", "commercial, pragmatic and very responsive", "extremely thorough" and brings a "mix of experience, hard-headedness and commerciality" – Chambers/Legal 500

Additional Details
Education
  • Guildford College of Law, L.P.C.
  • University of London, LL.B.
Admissions
  • England and Wales