Griffin Global Asset Management has announced that borrowers Palisade Aviation Holdings Warehouse and Palisade Aviation Holdings Warehouse have doubled its senior secured warehouse facility to $2bn.
“We are pleased to announce the upsizing of our warehouse facility to $2 billion, which doubles the size of the initial facility that was closed in 2021," said John Beekman, Griffin's chief financial officer.
The facility has 12 lenders, taking in new banking partners Citibank, N.A. and Sumitomo Mitsui Banking Corporation, while Bank of Montreal has made "an additional commitment", according to Griffin, a commercial aircraft leasing and alternative asset management business with offices in Dublin, Ireland, Puerto Rico and Los Angeles.
"Griffin has continued to expand our banking group with the addition of Citi and SMBC along with the increased commitment from Bank of Montreal. The size and flexibility of this credit facility allows us to provide efficient financing solutions for our growing list of airline customers,” Beekman added.
Griffin said in its announcement that commitments for the facility are provided by Goldman Sachs Lending Partners LLC, Bank of America, N.A., Barclays Bank PLC, Mizuho Bank, New York Branch, Morgan Stanley Bank N.A, PNC Bank N.A, Wells Fargo Bank, National Association, Societe Generale and Deutsche Bank AG, New York Branch, Sumitomo Mitsui Banking Corporation, Bank of Montreal and Citibank, N.A.
Hughes Hubbard & Reed LLP acted as US legal advisors to Griffin and the borrowers, while Milbank LLP were the lenders' legal advisors.. UMB Bank, N.A. is acting as the administrative agent and the security trustee.