Maples and Calder advised Sapphire Aviation Finance I Limited, as issuer, and Avolon Aerospace Leasing Limited, as seller, on Cayman Islands and Irish law in connection with a US$768.4 million offering of aircraft asset-backed, fixed-rate secured notes.
The deal involves a portfolio of 41 aircraft on lease to 30 lessees in 19 countries. The transaction was completed on March 23.
The offering consisted of three tranches of notes, all of which are listed on the Cayman Islands Stock Exchange and in respect of which Maples and Calder acted as Cayman Islands listing agent, plus E Notes and S Certificates. Avolon will act as servicer to the portfolio. MaplesFS Limited provided share trustee and related administration services.
Maples and Calder’s finance group advised its long-standing client Avolon on its inaugural aircraft securitization in 2013.