AVG wins Olympic court battle
1st May 2012
SMBC Aviation Capital has closed a $600 million syndicated financing transaction comprising a $200 million term loan and a $400 million revolving credit facility with a consortium of Asian-Pacific and European banks. The lessor says that transaction generated strong interest from the banking market resulting in “attractive terms reflecting SMBC Aviation Capital’s status as one of the industry’s highest rated, Investment Grade aircraft lessors”.
Australia and New Zealand Banking Group acted as the global co-ordinator while six banks including Australia and New Zealand Banking Group, CaixaBank, Bank of China Macau Branch, Cathay United Bank, E.Sun Commercial Bank., Tokyo Branch and First Commercial Bank, Offshore Banking Branch acted as mandated lead arrangers and bookrunners on the five-year facilities. The general syndication resulted in eight further banks entering the transaction with lead arranger and arranger status. Eight of the fourteen banks which entered the transaction are new banking relationships. The proceeds from the transaction will be used for general corporate purposes.
Commenting on the transaction, Barry Flannery, Chief Financial Officer of SMBC Aviation Capital, said: “The level of interest in this transaction further demonstrates the market’s confidence in our business and our commitment to diversifying our funding sources. We are pleased to broaden our relationships with some of the leading banks in the Asian Pacific and European markets. Together with our corporate bond programme and ongoing shareholder support, this will underpin the delivery of our future growth with $6.5bn of liquidity currently available to the business”.