Grand Cayman, Cayman Islands | Maples and Calder advised Aergo Capital ("Aergo") and its issuer vehicles, METAL 2017-1 Limited (the "Cayman Issuer") and METAL 2017-1 LLC (the "US Issuer" and together with the Cayman Issuer the "Issuers"), on the US$584.8 million debut asset backed securitisation transaction, Metal 2017-1, which closed on 6 November 2017.
The Issuers will use the proceeds from the sale of the notes to acquire a portfolio of 26 aircraft with an appraised value of approximately US$688 million from Aergo, which will in turn use such proceeds to refinance existing loans.
The offering consists of four tranches of notes, all of which are listed on the Cayman Islands Stock Exchange (the "CSX"), and in respect of which Maples and Calder also acted as Cayman Islands listing agent. Aergo will act as servicer for the aircraft portfolio. MaplesFS Limited provided share trustee and related administration services.
The Maples and Calder team was led by Partner Jonathon Meloy, and Associates, Barnabas Finnigan and Shari McField. Associate, Jonathan Brown, also provided assistance on the CSX listing. In addition, Partner Christie Walton and Associate Tim Coak provided advice to the sellers.
Mark Western, Head of Asset Finance at Maples and Calder, commented: "We are delighted to have advised Aergo on their debut ABS issuance. Transactions such as these highlight Maples and Calder's unmatched experience as counsel to ABS Issuers and the high calibre of work our lawyers continuously achieve."
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