Phoenix Aviation Capital and AIP Capital have closed a pre-delivery payment financing facility, which will be used to finance pre-delivery payments for Phoenix's orderbook of 30 737 MAX 8 aircraft with Boeing.
The facility will provide up to $300 million in total commitments, with $175 million in immediate funding and a $125 million accordion.
Mathew Adamo, managing partner of AIP Capital and a board member of Phoenix, commented: "This facility represents another milestone for Phoenix as it continues to execute upon its strategy of growing its fleet of next-generation aircraft assets on lease with airlines across the globe."
Natixis Corporate & Investment Banking (CIB) provided the commitments for the facility, also acting as lead structuring agent, mandated lead arranger and underwriter.
This is the second transaction completed between the organisations, with Natixis CIB supporting Phoenix through the financing on ten CFM LEAP 1B aircraft engines in November 2024.
In addition, Vedder Price acted as legal advisor to Phoenix and AIP and Clifford Chance acted as legal advisor to the lenders. McCann Fitzgerald acted as legal advisor to Phoenix and AIP in Ireland, while PwC provided tax advice.