Bermuda: Labrador Aviation Finance Limited US$928 Million ABS Deal Wins Air Finance Journal’s Editor’s Deal Of The Year For 2016
Last Updated: 19 April 2017

By Julie McLean, Neil Henderson, Jason Piney

Regarded as the premier source of financing intelligence for the global aviation industry, Airfinance Journal recently issued its annual awards honouring law firms, financial advisors, lenders, investors and other key players in aviation finance.

Airfinance Journal recognised Labrador Aviation Finance Limited's US$928 million ABS deal as Editor's Deal of the Year for 2016. Conyers Dill & Pearman acted as offshore counsel alongside Pillsbury Winthrop Shaw Pittman LLP as onshore counsel.

Conyers advised Labrador Aviation Finance Limited, in relation to a pool of 20 passenger aircraft with a value of US$928 million and the issuance of US$709 million fixed-rate asset-backed notes in series A and B listed on the Irish Stock Exchange, and an E Certificate. GE Capital Aviation Services Limited acts as the servicer for the transaction in relation to a fleet of ten A320 family, seven B737-800, one A330-300, one A350-900, and one B777-300ER. The transaction features a dynamic structure that facilitates acceleration of principal payments on the notes in specified circumstances and has the benefit of credit enhancement and liquidity. The transaction was backed by leases to 16 airlines in 15 countries and was Conyers' largest Bermuda asset-backed securitisation transaction to close in 2016.

In addition to the Airfinance Journal's Editor's Deal of the Year this ABS deal by Labrador Aviation Finance Limited was also named the 2017 Editor's Deal of the Year at the 2017 Aviation 100 Global Leaders Awards, presented by Airline Economics.

"The fact that this ABS transaction has won two Editor's Deal of the Year, awards reflects both the positives of using Bermuda as a jurisdiction for ABS transactions, as well as the expertise and strength of our lawyers," said Julie McLean, global head of Conyers' aviation finance team.

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