TrueNoord, the specialist regional aircraft lessor, has closed a senior secured debt facility of US$ 500 million. This will be used as a warehouse to finance business development and expand the TrueNoord portfolio of Embraer, Bombardier and ATR aircraft. The debt facility will be also be deployed to partially refinance the existing fleet.
The senior secured debt facility is underwritten by a triumvirate of well-established European and US banks – Morgan Stanley, NORD/LB Norddeutsche Landesbank and Barclays – and it supports TrueNoord’s targeted growth strategy which is endorsed by leading investors: Bregal/Freshstream, BlackRock and Aberdeen Asset Management. Milbank, Tweed, Hadley & McCloy LLP acted as legal advisor to TrueNoord.
“As mandated lead arrangers, these three banks further augment the strong and globally renowned circle of financiers and investors that facilitate TrueNoord’s dynamic progression in the coming months” comments Anne-Bart Tieleman, CEO. “For TrueNoord this is the next important step in our business development and allows us to be more proactive in pursuing regional aircraft leasing transactions. At this week’s Farnborough Air Show I anticipate some highly productive discussions as we pursue our guiding policy to acquire new or relatively young aircraft with long leases operated by triple ‘A’ carriers.”
Chairman, Nigel Turner, agrees that the past 12 months have been transformative for TrueNoord. “We are working on a multiplicity of opportunities with existing airline customers and new airline relationships across the globe. TrueNoord specialises in providing regional aircraft in the 50 – 150 seat class and we understand the complex geographies that need air transport to deliver economic growth and community connections. The management team is proud of TrueNoord’s achievements and track record which has resulted in such robust financier confidence.”
Posted on: 17 July 2018