ASL Aviation has closed a $65 million term loan million and a revolving credit facility (RCF) with Investec Aviation Finance for its fleet renewal program.
The term loan and RCF, with a combined available commitment of approximately US$65million, is secured by a portfolio of 17 aircraft operating across seven different jurisdictions within the ASL group or on lease to third-party lessees. Sixteen of the aircraft are cargo aircraft, with one passenger aircraft.
The term loan and RCF is a refinance and upsize of existing facilities between Investec and ASL, which previously covered 14 aircraft.
Dave Andrew, CEO of ASL said: “The funding will term out its existing debt and provide additional funding and flexibility to facilitate ASL’s ongoing fleet renewal. Investec has been a long-standing and committed partner to the ASL group. We are delighted to continue our long-standing relationship with a facility that allows us to be flexible in meeting our growth ambitions.”
Bradley Gordon, Head of Aviation Finance at Investec South Africa said: “The financing is the continuation of a 10+ year relationship between Investec and ASL. “We have been proud to be a partner of ASL as it has grown into new markets and territories. We look forward to continuing to work with ASL into the future and seeing their business grow and prosper”
Vedder Price acted as lead counsel to Investec.