Shannon Engine Support (SES) concluded an $875 million engine portfolio financing in a club-deal of eight banks on November 20, 2023. This landmark transaction, which is the largest aircraft engine portfolio financing closed in the market to date, finances a pool of LEAP-1A and LEAP-1B engines, the latest technology engines from CFM, designed to meet the challenges of decarbonising air transport.
SES, a 50/50 joint venture between AerCap and Safran, is the largest CFM specialised engine lessor in the world.
Credit Agricole-CIB (CA-CIB) acted as global coordinator, security trustee, facility agent. Natixis CIB and CA-CIB acted as bookrunners and mandated lead arrangers. BNP Paribas, CIC, NatWest, Société Générale, and SMBC acted as mandated lead arrangers. Bank of America was lead arranger.
Norton Rose Fulbright US and McCann FitzGerald advised the lenders. Clifford Chance US and Mason Hayes & Curran advised SES. IBA was the appraiser.