Maples and Calder advised ECAF I Ltd (the
"Issuer") on the Cayman Islands legal
aspects of its US$1.21 billion asset backed securitisation of a
diverse portfolio of 49 aircraft with an initial appraised value of
approximately US$1.57 billion. The offering comprised three
tranches of note and is the largest pooled-aircraft ABS transaction
in almost a decade.
As well as advising the Issuer, a separate team from Maples and
Calder advised Element Financial Corporation on the upstream
funding structure being put in place to facilitate equity
investment into the Issuer. Maples Fiduciary in the Cayman
Islands, Ireland and Luxembourg also provided fiduciary and
administrative support in connection with the transaction.
Element Financial Corporation acted as the structuring agent while
Deutsche Bank, BNP Paribas and Citigroup acted as joint bookrunners
for the offering.
The Maples and Calder team in Cayman was led by partner Scott
Macdonald and associate Barnabas Finnigan on the Issuer side, with
partners Sheryl Dean and Philip Dickinson providing advice in
respect of the upstream funding structure. The Maples
Fiduciary team was led by Mora Goddard in Cayman with assistance
from Ronan Carroll in Luxembourg and Padraic Doherty in Ireland.
"We are delighted to have advised on this complex and
high-profile transaction, which showcases Maples and Calder's
unique expertise in aircraft finance, fund structures and
securitisation, and in combining our Tier 1 ranked structured and
asset finance legal capabilities," said Alasdair Robertson,
partner and global head of Finance group at Maples and
Calder. "Furthermore, this deal demonstrates the Maples
group's ability to take advantage of one of our core strengths
as a one-stop-shop: providing legal advice, fiduciary services and
administrative support in Cayman, Ireland and Luxembourg."
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