On October 14th, 2016, Crédit Agricole CIB (CACIB) closed the commercial financing of US$65 million for a portfolio of fourteen CFM56-5B spare engines to Asia Aviation Capital, the leasing arm of AirAsia Berhad.
Asia Aviation Capital is expected to lease these 14 spare engines throughout the AirAsia Group, currently AirAsia Berhad, PT Indonesia AirAsia, Thai AirAsia, Philippines AirAsia, AirAsia Inc and AirAsia (India), and will soon include AirAsia Japan.
In this transaction, CACIB acted as mandated lead arranger, security trustee and facility agent and the Korea Development Bank acted as arranger. CACIB, the Korea Development Bank and NTT Finance acted as lenders.
Holman Fenwick Willan advised the finance parties, Mourant Ozannes acted as Cayman law counsel, Holland & Knight acted as New York law counsel, Tay & Partners acted as Malaysian law counsel, Clifford Chance (Thailand) Limited acted as Thai law counsel, Oasis Counsel and Advisory acted as Indian law counsel, Siregar & Djojonegoro acted as Indonesian law counsel, SyCip Salazar Hernandez & Gatmaitan acted as Philippines law counsel and Squire Gaikokuho Kyodo Jigyo Horitsu Jimusho acted as Japanese law counsel. Asia Aviation Capital Limited was advised by Milbank, Tweed, Hadley & McCloy.