Griffin Global Asset Management has expanded its senior secured warehouse facility with borrowers Palisade Aviation to $1.6bn.
“As the Griffin platform continues to grow, it is enabled through the continued support from our lending group. We are happy to announce the increase in facility size, as well as the addition of Bank of Montreal to this group,” said John Beekman, chief financial officer of Griffin, a commercial aircraft leasing and joint asset management business with offices in Dublin, Los Angeles and Puerto Rico.
The initial US $1bn facility won the Airline Economics Global Editor’s Deal of the Year Award in 2021. The borrowers were jointly established by Griffin and funds managed by Bain Capital Special Situations as part of a joint venture focused on building a diversified aviation portfolio.
Commitments for the expanded facility were provided by Bank of America, Barclays, Goldman Sachs, Mizuho, Morgan Stanley, PNC Bank, Wells Fargo Bank, National Association, Societe Generale, Deutsche Bank and Bank of Montreal.
Hughes Hubbard & Reed acted as US legal advisors to Griffin and the borrowers, Milbank acted as legal advisors to the lenders, Maples and Calder (Ireland) acted as Irish legal advisors for the borrowers, Maples and Calder (Cayman) acted as Cayman Islands legal advisors for the borrowers, A&L Goodbody acted as Irish legal advisors to Griffin and PWC acted as Irish tax advisors for Griffin and the borrowers. UMB Bank is acting as the administrative agent and the security trustee.